Bank of America (BAC) Given New $35.00 Price Target at Royal Bank of Canada

Bank of America (NYSE:BAC) had its target price increased by stock analysts at Royal Bank of Canada to $35.00 in a research report issued to clients and investors on Thursday. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price indicates a potential upside of 12.25% from the company’s current price.

A number of other research firms have also recently weighed in on BAC. Vetr raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price on the stock in a research note on Monday, October 16th. Deutsche Bank reissued a “hold” rating and issued a $25.00 target price (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Keefe, Bruyette & Woods upped their price objective 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. Wells Fargo & Co set a $35.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Finally, BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and an average target price of $29.93.

Bank of America (BAC) traded down $0.06 during midday trading on Thursday, reaching $31.18. 124,382,900 shares of the company were exchanged, compared to its average volume of 70,763,367. The company has a market capitalization of $327,630.00, a PE ratio of 20.25, a P/E/G ratio of 1.70 and a beta of 1.32. Bank of America has a twelve month low of $22.07 and a twelve month high of $31.79. 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 posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 earnings per share. equities analysts predict that Bank of America will post 1.79 EPS for the current year.

Bank of America declared that its Board of Directors has initiated a share buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Several hedge funds have recently made changes to their positions in BAC. Gateway Advisory LLC lifted its holdings in Bank of America by 0.4% in the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after buying an additional 45 shares during the period. Arbor Investment Advisors LLC lifted its holdings in Bank of America by 0.3% in the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after buying an additional 46 shares during the period. Lbmc Investment Advisors LLC lifted its holdings in Bank of America by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after buying an additional 51 shares during the period. TCI Wealth Advisors Inc. lifted its holdings in Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after buying an additional 54 shares during the period. Finally, Altavista Wealth Management Inc. lifted its holdings in Bank of America by 0.7% in the second quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after buying an additional 68 shares during the period. Institutional investors own 68.46% 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.

Analyst Recommendations for Bank of America (NYSE:BAC)