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 (NYSE:BAC – Get 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
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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