Bank of America (NYSE:BAC) had its price target raised by stock analysts at Keefe, Bruyette & Woods from $29.00 to $34.00 in a report issued on Thursday. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 17.89% from the stock’s previous close.
A number of other research firms also recently weighed in on BAC. Royal Bank of Canada reissued a “buy” rating and set a $30.00 target price on shares of Bank of America in a research report on Friday, December 8th. Morgan Stanley reissued an “overweight” rating and set a $30.00 target price (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Vetr downgraded Bank of America from a “hold” rating to a “sell” rating and set a $26.67 target price on the stock. in a research report on Monday, November 6th. J P Morgan Chase & Co lifted their target price on Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Finally, BidaskClub raised Bank of America from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 23rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $26.55.
Shares of Bank of America (BAC) opened at $28.84 on Thursday. Bank of America has a 1 year low of $21.77 and a 1 year high of $29.50. The firm has a market capitalization of $305,825.50, a PE ratio of 16.75, a P/E/G ratio of 2.03 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.
Bank of America (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the business earned $0.41 earnings per share. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. analysts anticipate that Bank of America will post 1.8 EPS for the current year.
Bank of America declared that its board has initiated a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Bank of America 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 acquiring an additional 9,117,007 shares during the last quarter. Korea Investment CORP increased its holdings in shares of Bank of America 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 purchasing an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in shares of Bank of America 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 purchasing an additional 1,079,788 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Bank of America by 0.7% in the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. Institutional investors own 68.56% of the company’s stock.
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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.