Bank of America Corp (BAC) Receives Average Rating of “Buy” from Brokerages

Bank of America Corp (NYSE:BAC) has been given a consensus recommendation of “Buy” by the twenty-eight ratings firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $29.86.

BAC has been the topic of a number of recent research reports. Deutsche Bank restated a “hold” rating and issued a $25.00 target price (up from $23.00) on shares of Bank of America in a report on Tuesday, September 26th. Robert W. Baird restated a “hold” rating and issued a $24.00 target price on shares of Bank of America in a report on Sunday, October 1st. Vetr cut Bank of America from a “hold” rating to a “sell” rating and set a $25.08 target price on the stock. in a report on Wednesday, October 4th. Citigroup restated a “neutral” rating and issued a $27.00 target price (up from $25.00) on shares of Bank of America in a report on Monday, October 9th. Finally, Zacks Investment Research cut Bank of America from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th.

Bank of America (NYSE BAC) opened at $31.94 on Tuesday. Bank of America has a 1 year low of $22.07 and a 1 year high of $31.94. The stock has a market capitalization of $333,150.00, a price-to-earnings ratio of 20.74, a PEG ratio of 1.62 and a beta of 1.32. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same period last year, the firm earned $0.40 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. sell-side analysts predict that Bank of America will post 2.45 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.50%. Bank of America’s dividend payout ratio (DPR) is presently 31.17%.

Bank of America announced that its Board of Directors has approved a stock buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Bank of America by 1.4% during 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 during the last quarter. Korea Investment CORP boosted its position in Bank of America by 0.5% during the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after purchasing an additional 390,771 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Bank of America by 1.7% during the second 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 during the last quarter. Legal & General Group Plc boosted its position in Bank of America by 0.7% during the third 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 during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Bank of America by 27.8% during 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 during the last quarter. 68.47% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY NOTICE: “Bank of America Corp (BAC) Receives Average Rating of “Buy” from Brokerages” was first posted by American Banking News and is the property of of American Banking News. If you are accessing this piece on another publication, it was copied illegally and republished in violation of international copyright laws. The correct version of this piece can be viewed at https://www.americanbankingnews.com/2018/01/23/bank-of-america-corp-bac-receives-average-rating-of-buy-from-brokerages.html.

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)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply