Shares of Bank of America Co. (NYSE:BAC) received a consensus “moderate buy” recommendation from the twenty research firms that currently cover the business, MarketBeat reports. Five investment analysts gave the stock a hold rating and nine gave the company a buy rating. The 12-month average price target among brokerages that have quoted the stock over the past year is $45.79.
A number of research analysts have recently commented on BAC’s actions. Citigroup lowered its price target on Bank of America shares from $47.00 to $40.00 in a Tuesday, July 12 research report. Goldman Sachs Group lowered its price target on Bank of America shares from $42.00 to $40.00 and set a “buy” rating on the stock in a Tuesday, October 4 research report. Piper Sandler lowered her price target on Bank of America shares from $51.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, July 1. Deutsche Bank Aktiengesellschaft lowered its price target on Bank of America shares from $51.00 to $45.00 and set a “buy” rating on the stock in a Monday, September 12 research report. Finally, Societe Generale upgraded Bank of America shares from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a Monday 11 research report. July.
Bank of America is trading down 2.3%
NYSE:BAC shares opened at $30.75 on Friday. Bank of America has a 52-week low of $29.67 and a 52-week high of $50.11. The company’s 50-day moving average is $33.67 and its two-hundred-day moving average is $34.98. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt ratio of 1.15. The company has a market capitalization of $247.08 billion, a PE ratio of 9.61, a P/E/G ratio of 1.40 and a beta of 1.35.
Bank of America (NYSE: BAC – Get a rating) last released its results on Monday, July 18. The financial services provider reported EPS of $0.73 for the quarter, missing analyst consensus estimates of $0.77 per ($0.04). The company posted revenue of $22.69 billion in the quarter, versus $22.79 billion expected by analysts. Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The company’s quarterly revenue increased 5.7% year over year. During the same period last year, the company earned earnings per share of $1.03. Stock analysts predict that Bank of America will post earnings per share of 3.2 for the current fiscal year.
Bank of America increases its dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 30. Shareholders of record on Friday, September 2 received a dividend of $0.22. This represents an annualized dividend of $0.88 and a dividend yield of 2.86%. The ex-dividend date was Thursday, September 1. This is a boost from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s dividend payout ratio (DPR) is 27.50%.
Bank of America Institutional Trading
Several hedge funds have recently changed their positions in the company. Bromfield Sneider Wealth Advisors acquired a new stake in shares of Bank of America in the first quarter worth approximately $26,000. Corbenic Partners LLC increased its stake in Bank of America shares by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider valued at $26,000 after purchasing an additional 422 shares during the period. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Bank of America in the first quarter worth approximately $26,000. Capital Management Associates NY acquired a new stake in shares of Bank of America in the first quarter valued at approximately $31,000. Finally, Richelieu Gestion PLC acquired a new position in Bank of America during the second quarter worth approximately $27,000. Institutional investors and hedge funds own 68.48% of the company’s shares.
Bank of America Company Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individuals, small and medium-sized businesses, institutional investors, large corporations and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, interest-free and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages and home equity loans, as well as direct and indirect loans, such as car loans, recreational vehicles and personal consumer loans.
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