Bank of America Co. (NYSE:BAC) Receives $35.53 Consensus Target Price from Brokerages

Bank of America Co. (NYSE:BAC) has earned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $35.28.

Several equities research analysts have recently commented on the company. Barclays boosted their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Oppenheimer decreased their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. BMO Capital Markets cut their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Finally, The Goldman Sachs Group lifted their price objective on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, December 1st.

Get Our Latest Stock Report on Bank of America

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Of America Corp /De/ Bank purchased 5,398 shares of the business’s stock in a transaction on Wednesday, December 27th. The stock was bought at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the acquisition, the insider now owns 5,398 shares of the company’s stock, valued at approximately $57,002.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in BAC. Roundview Capital LLC increased its holdings in shares of Bank of America by 1.5% during the 1st quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after buying an additional 2,013 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of Bank of America by 150.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after buying an additional 1,192 shares during the last quarter. NewEdge Advisors LLC boosted its position in Bank of America by 4.2% during the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares during the period. First Western Trust Bank purchased a new stake in Bank of America during the 1st quarter worth $586,000. Finally, Pearl River Capital LLC purchased a new stake in Bank of America during the 1st quarter worth $534,000. 68.06% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC opened at $36.06 on Friday. Bank of America has a twelve month low of $24.96 and a twelve month high of $36.44. The stock’s 50 day moving average is $33.93 and its two-hundred day moving average is $30.96. The firm has a market capitalization of $284.50 billion, a PE ratio of 11.74, a P/E/G ratio of 1.60 and a beta of 1.38. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. During the same quarter in the previous year, the company earned $0.85 EPS. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. Research analysts anticipate that Bank of America will post 3.15 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a $0.24 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.66%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Bank of America Company Profile

(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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Analyst Recommendations for Bank of America (NYSE:BAC)

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