Bank of America (BAC) Board of Directors Declares Stock Repurchase Program
Bank of America (NYSE:BAC) declared that its board has approved a share buyback plan, which authorizes the company to repurchase $5.00 billion in outstanding shares on Tuesday, December 5th, EventVestor reports. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of analysts recently weighed in on the stock. Jefferies Group restated a “buy” rating and set a $28.00 target price on shares of Bank of America in a research note on Friday, August 11th. Oppenheimer reiterated a “buy” rating on shares of Bank of America in a research note on Friday, October 13th. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price target on the stock in a research note on Monday, October 16th. Nomura increased their price target on shares of Bank of America from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, October 16th. Finally, BidaskClub downgraded Bank of America from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $26.25.
Shares of Bank of America (NYSE BAC) traded down $0.07 during trading on Wednesday, hitting $28.86. The stock had a trading volume of 25,491,101 shares, compared to its average volume of 79,822,664. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The firm has a market capitalization of $303,113.53, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 2.01 and a beta of 1.31. Bank of America has a twelve month low of $21.72 and a twelve month high of $29.31.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.66%. Bank of America’s dividend payout ratio is currently 27.43%.
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About Bank of America
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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