Instinet reaffirmed their buy rating on shares of Bank of America Corporation (NYSE:BAC) in a research note issued to investors on Saturday, July 22nd. Instinet currently has a $27.00 price target on the financial services provider’s stock.
Several other equities research analysts also recently issued reports on BAC. Oppenheimer Holdings, Inc. restated an outperform rating and set a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Royal Bank Of Canada restated a buy rating and set a $26.00 price objective on shares of Bank of America Corporation in a report on Thursday, July 20th. Vetr upgraded Bank of America Corporation from a hold rating to a buy rating and set a $24.52 price objective on the stock in a report on Thursday, June 15th. UBS AG restated a neutral rating and set a $26.00 price objective on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $27.00 target price on shares of Bank of America Corporation in a research report on Wednesday, June 7th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. Bank of America Corporation has an average rating of Buy and an average target price of $23.74.
Bank of America Corporation (BAC) traded up 0.57% during mid-day trading on Friday, reaching $24.59. 55,295,870 shares of the company were exchanged. The stock has a 50-day moving average of $24.01 and a 200 day moving average of $23.69. The firm has a market capitalization of $258.60 billion, a P/E ratio of 14.57 and a beta of 1.27. Bank of America Corporation has a 1-year low of $14.10 and a 1-year high of $25.80.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same period in the previous year, the business earned $0.41 EPS. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Bank of America Corporation will post $1.82 earnings per share for the current year.
Bank of America Corporation announced that its board has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is currently 17.86%.
Hedge funds have recently bought and sold shares of the company. Gillson Capital LP bought a new stake in shares of Bank of America Corporation during the fourth quarter worth about $14,887,000. Glassman Wealth Services raised its stake in shares of Bank of America Corporation by 0.7% in the fourth quarter. Glassman Wealth Services now owns 14,295 shares of the financial services provider’s stock worth $316,000 after buying an additional 100 shares during the period. Moloney Securities Asset Management LLC bought a new stake in shares of Bank of America Corporation during the fourth quarter worth about $366,000. Zions Bancorporation raised its stake in shares of Bank of America Corporation by 11.6% in the fourth quarter. Zions Bancorporation now owns 6,756 shares of the financial services provider’s stock worth $150,000 after buying an additional 702 shares during the period. Finally, Girard Securities Inc. raised its stake in shares of Bank of America Corporation by 17.7% in the fourth quarter. Girard Securities Inc. now owns 26,786 shares of the financial services provider’s stock worth $592,000 after buying an additional 4,036 shares during the period. 66.27% of the stock is currently owned by institutional investors.
About Bank of America Corporation
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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