Bank of America Co. (NYSE:BAC) shares traded up 1.8% during trading on Thursday after BMO Capital Markets raised their price target on the stock from $36.00 to $37.00. BMO Capital Markets currently has a market perform rating on the stock. Bank of America traded as high as $35.91 and last traded at $35.87. 8,822,087 shares changed hands during trading, a decline of 79% from the average session volume of 41,098,621 shares. The stock had previously closed at $35.23.
A number of other brokerages have also weighed in on BAC. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. UBS Group reissued a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Oppenheimer lowered their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday. HSBC restated a “hold” rating and set a $39.00 target price (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Finally, Barclays increased their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $38.29.
View Our Latest Stock Report on BAC
Institutional Trading of Bank of America
Bank of America Price Performance
The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock’s 50 day moving average price is $35.61 and its two-hundred day moving average price is $32.24. The stock has a market cap of $282.25 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39.
Bank of America (NYSE:BAC – Get Free Report) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 EPS. Equities research analysts forecast that Bank of America Co. will post 3.13 EPS for the current fiscal year.
Bank of America Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.68%. Bank of America’s dividend payout ratio is presently 33.22%.
Bank of America Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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