Bank of America (BAC) Stock Rating Lowered by Vetr

Bank of America (NYSE:BAC) was downgraded by research analysts at Vetr from a “buy” rating to a “hold” rating in a report released on Friday. They presently have a $32.49 price objective on the financial services provider’s stock. Vetr‘s price objective indicates a potential upside of 2.43% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Instinet decreased their target price on Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. BMO Capital Markets upped their target price on Bank of America to $34.00 and gave the stock an “average” rating in a research report on Thursday. They noted that the move was a valuation call. Nomura upped their target price on Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, October 16th. Oppenheimer reaffirmed a “buy” rating on shares of Bank of America in a research report on Friday, October 13th. Finally, BidaskClub cut Bank of America from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $29.87.

Shares of Bank of America (NYSE BAC) traded up $0.24 during trading on Friday, reaching $31.72. The company’s stock had a trading volume of 66,236,420 shares, compared to its average volume of 68,040,000. The company has a market capitalization of $330,860.00, a PE ratio of 20.60, a P/E/G ratio of 1.66 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 0.93. Bank of America has a 52-week low of $22.07 and a 52-week high of $31.79.

Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share. analysts expect that Bank of America will post 2.45 EPS for the current year.

Bank of America announced that its board has authorized a stock repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Several hedge funds and other institutional investors have recently modified their holdings of BAC. Janus Henderson Group PLC raised its stake in shares of Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after purchasing an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake 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. 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 purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD raised its stake in shares of Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares in the last quarter. Institutional investors and hedge funds 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.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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