Bank of America (NYSE:BAC) has been assigned a $35.00 price objective by investment analysts at Wells Fargo & Company in a report released on Wednesday. The brokerage presently has a “buy” rating on the financial services provider’s stock. Wells Fargo & Company’s price target would indicate a potential upside of 18.72% from the stock’s previous close.
BAC has been the topic of several other research reports. BidaskClub upgraded Bank of America from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 23rd. Vetr upgraded Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research note on Wednesday, August 30th. BMO Capital Markets reiterated a “market perform” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price objective on shares of Bank of America in a research note on Friday, December 8th. Finally, Zacks Investment Research downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $26.72.
Bank of America (BAC) traded up $0.03 during trading on Wednesday, reaching $29.48. The company had a trading volume of 80,849,633 shares, compared to its average volume of 79,653,086. Bank of America has a fifty-two week low of $21.77 and a fifty-two week high of $29.84. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $307,494.38, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 2.05 and a beta of 1.31.
Bank of America declared that its board has authorized a stock repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Several institutional investors have recently added to or reduced their stakes in BAC. Janus Henderson Group PLC increased its stake in Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after acquiring an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Bank of America by 27.8% in 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 acquiring an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. increased its stake in Bank of America by 1.4% in 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 acquiring an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC increased its stake in Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after acquiring an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD increased its stake in Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after acquiring an additional 7,231,615 shares during the last quarter. 68.42% of the stock is currently owned by hedge funds and other institutional investors.
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Bank of America Company Profile
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.
