Bank of America (BAC) Given New $34.00 Price Target at BMO Capital Markets

Bank of America (NYSE:BAC) had its target price upped by equities researchers at BMO Capital Markets to $34.00 in a research report issued on Thursday, The Fly reports. The brokerage presently has an “average” rating on the financial services provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 9.04% from the company’s previous close. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also recently commented on the stock. Vining Sparks reaffirmed a “buy” rating and set a $34.00 price objective on shares of Bank of America in a research note on Wednesday. ValuEngine cut shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. Vetr cut shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective on the stock. in a research note on Wednesday, January 10th. Societe Generale cut shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, Credit Suisse Group raised shares of Bank of America to an “outperform” rating and raised their price objective for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and an average price target of $29.71.

Shares of Bank of America (NYSE:BAC) opened at $31.18 on Thursday. The company has a market cap of $325,230.00, a P/E ratio of 18.13, a PEG ratio of 1.70 and a beta of 1.32. Bank of America has a one year low of $22.07 and a one year high of $31.79. 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 (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.40 EPS. research analysts forecast that Bank of America will post 1.79 earnings per share for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 5th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge funds have recently made changes to their positions in the business. 1ST Source Bank lifted its holdings in Bank of America by 4.8% in the 3rd quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock valued at $2,056,000 after purchasing an additional 3,690 shares in the last quarter. TIAA FSB purchased a new position in Bank of America in the 2nd quarter valued at $2,400,000. Personal Capital Advisors Corp purchased a new position in Bank of America in the 3rd quarter valued at $311,000. Lbmc Investment Advisors LLC lifted its holdings in Bank of America by 0.3% in the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 51 shares in the last quarter. Finally, Beaton Management Co. Inc. purchased a new position in Bank of America in the 2nd quarter valued at $2,081,000. Institutional investors own 68.46% of the company’s stock.

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Bank of America Company Profile

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.

The Fly

Analyst Recommendations for Bank of America (NYSE:BAC)

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