Brokerages Set Bank of America Corporation (BAC) Price Target at $23.86

Shares of Bank of America Corporation (NYSE:BAC) have received a consensus rating of “Buy” from the thirty-nine ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $24.16.

A number of brokerages recently issued reports on BAC. BidaskClub upgraded Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. Vetr upgraded Bank of America Corporation from a “hold” rating to a “buy” rating and set a $24.52 price target for the company in a report on Thursday, June 15th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Wells Fargo & Company began coverage on Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target for the company.

In other news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Koshinski Asset Management Inc. raised its stake in Bank of America Corporation by 2.4% in the first quarter. Koshinski Asset Management Inc. now owns 10,805 shares of the financial services provider’s stock valued at $255,000 after buying an additional 258 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Bank of America Corporation by 1.3% in the first quarter. Quadrant Capital Group LLC now owns 26,441 shares of the financial services provider’s stock valued at $613,000 after buying an additional 332 shares during the last quarter. Carroll Financial Associates Inc. raised its stake in Bank of America Corporation by 8.0% in the first quarter. Carroll Financial Associates Inc. now owns 147,945 shares of the financial services provider’s stock valued at $3,490,000 after buying an additional 11,001 shares during the last quarter. LVM Capital Management Ltd. MI raised its stake in Bank of America Corporation by 1.9% in the first quarter. LVM Capital Management Ltd. MI now owns 10,467 shares of the financial services provider’s stock valued at $247,000 after buying an additional 194 shares during the last quarter. Finally, Kempner Capital Management Inc. raised its stake in Bank of America Corporation by 9.1% in the first quarter. Kempner Capital Management Inc. now owns 343,381 shares of the financial services provider’s stock valued at $8,100,000 after buying an additional 28,744 shares during the last quarter. 66.04% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Corporation (NYSE BAC) traded down 0.59% during mid-day trading on Friday, reaching $23.58. The company had a trading volume of 60,897,162 shares. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80. The stock has a market capitalization of $247.98 billion, a P/E ratio of 14.04 and a beta of 1.27. The stock has a 50 day moving average price of $24.22 and a 200-day moving average price of $23.84.

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

Bank of America Corporation announced that its board has initiated a stock repurchase program on Wednesday, June 28th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.04%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 17.86%.

ILLEGAL ACTIVITY WARNING: “Brokerages Set Bank of America Corporation (BAC) Price Target at $23.86” was originally posted by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this report on another publication, it was stolen and republished in violation of U.S. and international trademark & copyright laws. The correct version of this report can be read at https://stocknewstimes.com/2017/09/13/brokerages-set-bank-of-america-corporation-bac-price-target-at-23-86.html.

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.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply