Credit Suisse Group Upgrades Bank of America (BAC) to Outperform
Bank of America (NYSE:BAC) was upgraded by equities research analysts at Credit Suisse Group to an “outperform” rating in a report released on Thursday. The firm currently has a $35.00 price objective on the financial services provider’s stock, up from their prior price objective of $32.00. Credit Suisse Group’s price target suggests a potential upside of 15.42% from the stock’s current price.
Several other research analysts also recently issued reports on BAC. Barclays lifted their price objective on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Robert W. Baird restated a “hold” rating and set a $24.00 price objective on shares of Bank of America in a research report on Sunday, October 1st. Deutsche Bank restated a “hold” rating and set a $25.00 price objective (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Instinet cut their price objective on Bank of America from $37.00 to $30.00 in a research report on Wednesday. Finally, BidaskClub upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $27.50.
Shares of Bank of America (NYSE BAC) traded up $0.52 during trading on Thursday, hitting $30.33. The company had a trading volume of 20,670,416 shares, compared to its average volume of 71,750,000. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a 1 year low of $22.01 and a 1 year high of $30.40. The firm has a market cap of $316,460.00, a P/E ratio of 17.63, a P/E/G ratio of 1.74 and a beta of 1.32.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period in the previous year, the firm posted $0.41 EPS. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. equities research analysts expect that Bank of America will post 1.79 earnings per share for the current fiscal year.
Bank of America announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Bank of America by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares in the last quarter. Korea Investment CORP lifted its holdings in Bank of America by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after buying an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Bank of America by 1.7% in the 2nd 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 raised its stake in shares of Bank of America by 0.7% in the 3rd 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 raised its stake in shares of Bank of America by 27.8% in the 2nd 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. 68.42% of the stock is owned by institutional investors.
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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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