Bank of America (BAC) Earns Buy Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their buy rating on shares of Bank of America (NYSE:BAC) in a research report sent to investors on Thursday morning. Keefe, Bruyette & Woods currently has a $35.00 price target on the financial services provider’s stock.

Several other analysts have also recently commented on the company. Vetr raised Bank of America from a buy rating to a strong-buy rating and set a $34.96 price target for the company in a report on Friday, March 23rd. Credit Suisse Group raised their price target on Bank of America from $35.00 to $36.00 and gave the company an outperform rating in a report on Friday, March 16th. Zacks Investment Research cut Bank of America from a buy rating to a hold rating in a report on Tuesday, February 13th. Morgan Stanley raised their price target on Bank of America from $35.00 to $37.00 and gave the company an overweight rating in a report on Friday, February 2nd. Finally, ValuEngine raised Bank of America from a hold rating to a buy rating in a report on Friday, February 2nd. Nine investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $30.97.

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Shares of BAC stock opened at $29.63 on Thursday. Bank of America has a twelve month low of $22.07 and a twelve month high of $33.05. The company has a market capitalization of $303,520.53, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.49 and a beta of 1.37. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.40 EPS. equities analysts expect that Bank of America will post 2.48 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 2nd were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.62%. Bank of America’s dividend payout ratio is presently 26.23%.

A number of hedge funds have recently modified their holdings of the stock. Burt Wealth Advisors increased its position in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new position in Bank of America during the second quarter worth $115,000. Legacy Advisors LLC purchased a new position in Bank of America during the third quarter worth $115,000. HWG Holdings LP purchased a new position in Bank of America during the third quarter worth $116,000. Finally, Bristlecone Advisors LLC purchased a new position in Bank of America during the third quarter worth $128,000. 69.84% of the stock is owned by hedge funds and other institutional investors.

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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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Analyst Recommendations for Bank of America (NYSE:BAC)

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