Bank of America Corporation (NYSE:BAC) Stock Rating Reaffirmed by UBS AG

Bank of America Corporation (NYSE:BAC)‘s stock had its “neutral” rating reiterated by equities research analysts at UBS AG in a research note issued on Friday. They presently have a $26.00 target price on the financial services provider’s stock. UBS AG’s price objective would indicate a potential upside of 9.24% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $26.00 price target on shares of Bank of America Corporation in a report on Tuesday, April 4th. Vetr raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 price target for the company in a report on Friday, July 14th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $27.00 price target on shares of Bank of America Corporation in a report on Wednesday, June 7th. Deutsche Bank AG reaffirmed a “hold” rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $23.74.

Shares of Bank of America Corporation (BAC) opened at 23.80 on Friday. The stock has a market capitalization of $250.29 billion, a price-to-earnings ratio of 14.65 and a beta of 1.27. The firm’s 50-day moving average is $23.71 and its 200-day moving average is $23.61. Bank of America Corporation has a 52 week low of $14.09 and a 52 week high of $25.80.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. The business had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $0.41 earnings per share. Analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current fiscal year.

Bank of America Corporation declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

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In other news, Director Thomas D. Woods purchased 25,000 shares of the stock in a transaction on Thursday, April 27th. The stock was bought at an average price of $23.81 per share, for a total transaction of $595,250.00. Following the acquisition, the director now directly owns 40,830 shares of the company’s stock, valued at approximately $972,162.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.18% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Quantitative Systematic Strategies LLC purchased a new position in Bank of America Corporation during the second quarter valued at approximately $1,689,000. Taylor Wealth Management Partners boosted its position in Bank of America Corporation by 0.6% in the second quarter. Taylor Wealth Management Partners now owns 268,943 shares of the financial services provider’s stock valued at $6,525,000 after buying an additional 1,595 shares during the period. Huntington National Bank boosted its position in Bank of America Corporation by 1.4% in the second quarter. Huntington National Bank now owns 140,667 shares of the financial services provider’s stock valued at $3,412,000 after buying an additional 1,892 shares during the period. Private Bank & Trust Co. boosted its position in Bank of America Corporation by 5.7% in the second quarter. Private Bank & Trust Co. now owns 79,310 shares of the financial services provider’s stock valued at $1,924,000 after buying an additional 4,303 shares during the period. Finally, Altfest L J & Co. Inc. boosted its position in Bank of America Corporation by 107.6% in the second quarter. Altfest L J & Co. Inc. now owns 58,755 shares of the financial services provider’s stock valued at $1,425,000 after buying an additional 30,451 shares during the period. Institutional investors own 65.89% of the company’s stock.

Bank of America Corporation 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.