Bank of America Corp (BAC) Given New $30.00 Price Target at Nomura
Bank of America Corp (NYSE:BAC) had its price objective hoisted by Nomura from $28.00 to $30.00 in a research note issued on Monday. The firm presently has a “buy” rating on the financial services provider’s stock. Nomura’s target price suggests a potential upside of 14.33% from the stock’s previous close.
Several other analysts have also commented on BAC. Citigroup Inc. reaffirmed a “neutral” rating and set a $27.00 target price (up from $25.00) on shares of Bank of America Corp in a report on Monday, October 9th. Vetr raised Bank of America Corp from a “hold” rating to a “buy” rating and set a $26.59 target price on the stock in a report on Monday. Royal Bank Of Canada raised their target price on Bank of America Corp from $26.00 to $28.00 and gave the stock an “outperform” rating in a report on Monday. BidaskClub raised Bank of America Corp from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $24.00 target price on shares of Bank of America Corp in a report on Sunday, October 1st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $25.47.
Bank of America Corp (NYSE:BAC) traded up 1.59% on Monday, hitting $26.24. The stock had a trading volume of 71,927,178 shares. The stock has a market cap of $51.43 billion, a P/E ratio of 17.49 and a beta of 1.25. The company’s 50 day moving average is $24.73 and its 200-day moving average is $23.94. Bank of America Corp has a 12 month low of $15.90 and a 12 month high of $26.33.
Bank of America Corp (NYSE:BAC) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. Bank of America Corp had a return on equity of 8.29% and a net margin of 25.58%. Bank of America Corp’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. Analysts forecast that Bank of America Corp will post $1.79 EPS for the current year.
Bank of America Corp announced that its board has initiated a stock repurchase program on Wednesday, June 28th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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In other Bank of America Corp news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the sale, the director now owns 50,000 shares of the company’s stock, valued at $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Bank of America Corp by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares in the last quarter. Korea Investment CORP grew its stake in shares of Bank of America Corp by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after buying an additional 390,771 shares in the last quarter. Boston Partners grew its stake in shares of Bank of America Corp by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after buying an additional 368,898 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of Bank of America Corp by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after buying an additional 1,079,788 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Bank of America Corp by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after buying an additional 1,007,405 shares in the last quarter. 61.61% of the stock is owned by institutional investors and hedge funds.
About Bank of America Corp
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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