UBS AG reissued their neutral rating on shares of Bank of America Corporation (NYSE:BAC) in a research note issued to investors on Friday, July 21st, www.flashratings.com reports. UBS AG currently has a $26.00 price target on the financial services provider’s stock.
Other equities analysts also recently issued reports about the company. Royal Bank Of Canada reaffirmed a buy rating and issued a $26.00 target price on shares of Bank of America Corporation in a research report on Tuesday, April 4th. Vetr raised Bank of America Corporation from a sell rating to a hold rating and set a $23.99 target price for the company in a research report on Friday, July 14th. Keefe, Bruyette & Woods reaffirmed 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. Deutsche Bank AG reaffirmed a hold rating on shares of Bank of America Corporation in a research report on Monday, July 3rd. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $28.00 target price on shares of Bank of America Corporation in a research report on Friday, May 5th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $23.74.
Shares of Bank of America Corporation (NYSE BAC) traded up 0.429% during midday trading on Friday, hitting $24.555. 44,655,323 shares of the stock were exchanged. Bank of America Corporation has a 12 month low of $14.10 and a 12 month high of $25.80. The stock has a market cap of $258.23 billion, a P/E ratio of 14.547 and a beta of 1.27. The firm has a 50 day moving average of $24.01 and a 200-day moving average of $23.69.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. Equities research analysts anticipate that Bank of America Corporation will post $1.82 EPS for the current year.
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Bank of America Corporation declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.96%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is presently 17.86%.
A number of institutional investors have recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC acquired a new position in Bank of America Corporation during the second quarter valued at $100,000. Armbruster Capital Management Inc. increased its position in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the period. PHH Investments Ltd. acquired a new position in Bank of America Corporation during the fourth quarter valued at $103,000. Integrated Investment Consultants LLC increased its position in Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares during the period. Finally, Chicago Partners Investment Group LLC increased its position in Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the period. Hedge funds and other institutional investors own 66.27% 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.
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