Bank of America (NYSE:BAC) Cut to “Hold” at Baird R W

Baird R W downgraded shares of Bank of America (NYSE:BAC) from a strong-buy rating to a hold rating in a research report released on Friday,Zacks.com reports.

A number of other research firms have also recently issued reports on BAC. Royal Bank Of Canada cut their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Wall Street Zen cut Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday. JPMorgan Chase & Co. cut their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Finally, TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.65.

View Our Latest Research Report on Bank of America

Bank of America Stock Performance

Bank of America stock opened at $47.11 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market cap of $354.85 billion, a PE ratio of 14.02, a P/E/G ratio of 1.28 and a beta of 1.30. Bank of America has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a fifty day moving average price of $43.31 and a two-hundred day moving average price of $43.31.

Bank of America (NYSE:BACGet Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Research analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s dividend payout ratio is currently 30.95%.

Hedge Funds Weigh In On Bank of America

A number of institutional investors have recently bought and sold shares of the stock. AG2R LA Mondiale Gestion D Actifs purchased a new position in Bank of America in the 1st quarter worth about $11,141,000. Swedbank AB increased its stake in Bank of America by 1.2% in the 1st quarter. Swedbank AB now owns 12,932,416 shares of the financial services provider’s stock worth $539,670,000 after purchasing an additional 156,232 shares in the last quarter. Howe & Rusling Inc. increased its stake in Bank of America by 30.3% in the 1st quarter. Howe & Rusling Inc. now owns 256,534 shares of the financial services provider’s stock worth $10,705,000 after purchasing an additional 59,712 shares in the last quarter. 1248 Management LLC purchased a new position in Bank of America in the 1st quarter worth about $57,000. Finally, CBIZ Investment Advisory Services LLC increased its stake in Bank of America by 10.8% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 8,508 shares of the financial services provider’s stock worth $355,000 after purchasing an additional 828 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

About Bank of America

(Get Free Report)

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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