Bank of America (NYSE:BAC) had its price target reduced by stock analysts at Instinet from $37.00 to $30.00 in a research report issued on Wednesday. Instinet’s price objective suggests a potential upside of 0.84% from the stock’s current price.
BAC has been the topic of a number of other research reports. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Credit Suisse Group reiterated an “outperform” rating on shares of Bank of America in a research note on Tuesday, October 10th. Vetr upgraded shares of Bank of America from a “sell” rating to a “strong-buy” rating and set a $33.96 price target on the stock in a research note on Tuesday, November 7th. Keefe, Bruyette & Woods upped their price target on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research note on Thursday, December 14th. Finally, Zacks Investment Research cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and three have assigned a strong buy rating to the stock. Bank of America currently has an average rating of “Buy” and a consensus price target of $27.24.
Bank of America (NYSE:BAC) traded down $0.15 during trading hours on Wednesday, hitting $29.75. 39,090,000 shares of the stock were exchanged, compared to its average volume of 71,430,000. The stock has a market cap of $310,260.00, a P/E ratio of 17.30, a PEG ratio of 1.72 and a beta of 1.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. Bank of America has a 12-month low of $22.01 and a 12-month high of $30.03.
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 the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 EPS. analysts expect that Bank of America will post 1.79 EPS for the current fiscal year.
Bank of America declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
Large investors have recently modified their holdings of the company. Dodge & Cox purchased a new position in shares of Bank of America in the fourth quarter valued at $4,159,570,000. Norges Bank purchased a new position in shares of Bank of America in the fourth quarter valued at $2,256,221,000. The Manufacturers Life Insurance Company purchased a new position in shares of Bank of America in the third quarter valued at $809,171,000. Lansdowne Partners UK LLP grew its holdings in shares of Bank of America by 38,029.0% in the fourth quarter. Lansdowne Partners UK LLP now owns 30,503,227 shares of the financial services provider’s stock valued at $674,141,000 after purchasing an additional 30,423,227 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Bank of America in the second quarter valued at $364,977,000. Hedge funds and other institutional investors own 68.42% of the company’s stock.
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.