Bank of America (NYSE:BAC) was downgraded by Vetr from a “buy” rating to a “hold” rating in a research report issued on Monday. They currently have a $34.13 target price on the financial services provider’s stock. Vetr‘s target price indicates a potential upside of 3.93% from the company’s previous close.
A number of other research analysts have also recently weighed in on the stock. Credit Suisse Group raised shares of Bank of America to an “outperform” rating and lifted their price target for the company from $32.00 to $35.00 in a research report on Thursday, January 4th. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $30.00 price target (up from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research report on Tuesday, January 2nd. Finally, Barclays boosted their target price on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Bank of America currently has a consensus rating of “Buy” and an average price target of $30.35.
Shares of Bank of America (NYSE:BAC) traded up $0.12 during mid-day trading on Monday, reaching $32.84. 60,281,413 shares of the company’s stock were exchanged, compared to its average volume of 80,620,000. The firm has a market capitalization of $336,400.00, a PE ratio of 18.87, a price-to-earnings-growth ratio of 1.66 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. Bank of America has a 1 year low of $22.07 and a 1 year high of $33.05.
Bank of America announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Several large investors have recently modified their holdings of the stock. Vantage Financial Partners Ltd. Inc. acquired a new position in shares of Bank of America during the second quarter valued at $1,017,000. Smith Affiliated Capital acquired a new position in shares of Bank of America during the fourth quarter valued at $321,331. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the second quarter valued at $100,000. Armbruster Capital Management Inc. boosted its holdings in shares of Bank of America by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 423 shares during the period. Finally, Integrated Investment Consultants LLC boosted its holdings in shares of Bank of America by 12.9% during the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 69.92% 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.
To view Vetr’s full report, visit Vetr’s official website.
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