Bank of America (NYSE:BAC) Upgraded by Erste Group Bank to Buy

Erste Group Bank upgraded shares of Bank of America (NYSE:BAC) from a hold rating to a buy rating in a report issued on Wednesday morning, Benzinga reports.

A number of other analysts also recently issued reports on BAC. Barclays lifted their price target on Bank of America from $39.00 to $43.00 and gave the company an overweight rating in a research report on Tuesday, January 2nd. Citigroup boosted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a neutral rating in a research note on Wednesday, March 20th. Oppenheimer lowered their price objective on shares of Bank of America from $50.00 to $46.00 and set an outperform rating on the stock in a research report on Tuesday, March 19th. 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 report on Tuesday, January 16th. Finally, HSBC restated a hold rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $36.15.

Check Out Our Latest Research Report on BAC

Bank of America Stock Performance

Shares of BAC stock opened at $37.44 on Wednesday. The firm’s 50 day moving average is $34.89 and its 200 day moving average is $31.57. The stock has a market capitalization of $295.43 billion, a P/E ratio of 12.20, a PEG ratio of 1.73 and a beta of 1.39. Bank of America has a 12 month low of $24.96 and a 12 month high of $38.35. 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 posted its earnings results 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 business had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same quarter in the previous year, the firm earned $0.85 EPS. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of America will post 3.1 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

Institutional Investors Weigh In On Bank of America

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $25,000. Livelsberger Financial Advisory purchased a new position in Bank of America during the fourth quarter valued at $28,000. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $25,000. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America in the 4th quarter worth about $32,000. Finally, Castleview Partners LLC bought a new position in shares of Bank of America in the 1st quarter worth about $28,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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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