Bank of America Co. (NYSE:BAC) declared a quarterly dividend on Thursday, April 25th, RTT News reports. Investors of record on Friday, June 7th will be given a dividend of 0.24 per share by the financial services provider on Friday, June 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%.
Bank of America has increased its dividend payment by an average of 8.5% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Bank of America has a payout ratio of 27.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of America to earn $3.44 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 27.9%.
Bank of America Stock Down 0.2 %
Bank of America stock opened at $37.82 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a 12-month low of $24.96 and a 12-month high of $38.49. The firm’s fifty day moving average is $36.13 and its 200 day moving average is $32.72. The company has a market capitalization of $298.42 billion, a PE ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of America presently has an average rating of “Hold” and an average price target of $38.53.
Check Out Our Latest Stock Report on Bank of America
Bank of America Company Profile
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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