Credit Suisse Group upgraded shares of Bank of America (NYSE:BAC) to an outperform rating in a report published on Thursday morning. They currently have $35.00 target price on the financial services provider’s stock, up from their prior target price of $32.00.
A number of other research firms also recently commented on BAC. Vetr upgraded Bank of America from a buy rating to a strong-buy rating and set a $26.59 target price on the stock in a research report on Wednesday, September 6th. BidaskClub downgraded Bank of America from a hold rating to a sell rating in a research report on Tuesday, September 12th. Deutsche Bank reiterated a hold rating and set a $25.00 target price (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Robert W. Baird reiterated a hold rating and set a $24.00 target price on shares of Bank of America in a research report on Sunday, October 1st. Finally, Citigroup reiterated a neutral rating and set a $27.00 target price (up from $25.00) on shares of Bank of America in a research report on Monday, October 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and three have issued a strong buy rating to the company’s stock. Bank of America has a consensus rating of Buy and a consensus target price of $27.50.
Bank of America (NYSE BAC) traded down $0.03 during trading on Thursday, hitting $30.16. The company had a trading volume of 31,998,425 shares, compared to its average volume of 72,760,000. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America has a 12-month low of $22.01 and a 12-month high of $30.44. The stock has a market capitalization of $314,640.00, a P/E ratio of 17.53, a PEG ratio of 1.68 and a beta of 1.32.
Bank of America declared that its board has authorized a share buyback program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. Bank of America’s dividend payout ratio (DPR) is 27.91%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its stake in Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after purchasing an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. increased its stake in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC increased its stake in Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after purchasing an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD increased its stake in Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after purchasing an additional 7,231,615 shares during the last quarter. 68.42% of the stock is owned by institutional investors.
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About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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