Bank of America (NYSE:BAC) had its price objective increased by analysts at BMO Capital Markets to $34.00 in a report released on Thursday. The brokerage presently has an “average” rating on the financial services provider’s stock. BMO Capital Markets’ price target would suggest a potential upside of 7.19% from the company’s previous close. The analysts noted that the move was a valuation call.
Several other equities analysts have also commented on the company. JPMorgan Chase & Co. upped their target price on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 target price on shares of Bank of America in a research note on Friday, December 8th. Credit Suisse Group upgraded Bank of America to an “outperform” rating and upped their target price for the company from $32.00 to $35.00 in a research note on Thursday, January 4th. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 target price (up from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Finally, Keefe, Bruyette & Woods upped their target price on Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $29.87.
Shares of Bank of America (NYSE:BAC) traded up $0.24 during trading hours on Thursday, hitting $31.72. The stock had a trading volume of 66,236,420 shares, compared to its average volume of 68,040,000. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a twelve month low of $22.07 and a twelve month high of $31.79. The stock has a market capitalization of $330,860.00, a P/E ratio of 20.60, a P/E/G ratio of 1.66 and a beta of 1.32.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. During the same period in the prior year, the business earned $0.40 earnings per share. The business’s revenue was up 3.5% on a year-over-year basis. sell-side analysts forecast that Bank of America will post 2.45 EPS for the current year.
Bank of America announced that its Board of Directors has approved a stock buyback program on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits 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 board of directors believes its stock is undervalued.
Large investors have recently made changes to their positions in the business. Janus Henderson Group PLC grew 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 buying an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company grew 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 buying an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. grew 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 buying an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC grew 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 buying an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD grew 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 buying an additional 7,231,615 shares in the last quarter. 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.