Bank of America (NYSE:BAC) Given New $46.00 Price Target at Oppenheimer

Bank of America (NYSE:BAC) had its price objective boosted by Oppenheimer from $45.00 to $46.00 in a report published on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Other research analysts have also issued research reports about the company. HSBC reissued a hold rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Jefferies Financial Group increased their target price on Bank of America from $36.00 to $39.00 and gave the stock a hold rating in a research report on Monday, April 8th. Wolfe Research raised Bank of America from a peer perform rating to an outperform rating and set a $42.00 target price for the company in a research report on Friday, April 19th. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the stock a neutral rating in a research report on Wednesday, March 20th. Finally, Evercore ISI increased their target price on Bank of America from $37.00 to $41.00 and gave the stock an outperform rating in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $38.59.

Bank of America Trading Down 1.5 %

BAC opened at $37.01 on Tuesday. The business has a 50 day simple moving average of $36.26 and a two-hundred day simple moving average of $32.95. The firm has a market capitalization of $291.99 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 1.69 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America has a one year low of $24.96 and a one year high of $38.49.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. Analysts predict that Bank of America will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.59%. Bank of America’s dividend payout ratio is 33.22%.

Institutional Trading of Bank of America

Institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after buying an additional 9,879,524 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Bank of America by 2.1% in the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after buying an additional 1,397,469 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Bank of America by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after buying an additional 1,315,056 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.