Wells Fargo & Co set a $35.00 price objective on Bank of America (NYSE:BAC) in a report published on Wednesday, December 20th. The brokerage currently has a buy rating on the financial services provider’s stock.
Several other research firms have also recently issued reports on BAC. Vetr raised Bank of America from a hold rating to a buy rating and set a $26.59 target price on the stock in a research note on Monday, October 16th. Deutsche Bank restated a hold rating and set a $25.00 price target (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $29.00 to $34.00 and gave the company an outperform rating in a research report on Thursday, December 14th. BidaskClub upgraded Bank of America from a sell rating to a hold rating in a research report on Friday, September 22nd. Finally, Royal Bank of Canada lifted their price target on Bank of America from $26.00 to $28.00 and gave the company an outperform rating in a research report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $27.56.
Shares of Bank of America (NYSE BAC) traded up $0.12 during trading on Wednesday, reaching $30.66. The company’s stock had a trading volume of 59,280,000 shares, compared to its average volume of 75,340,000. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The stock has a market cap of $319,800.00, a PE ratio of 17.83, a P/E/G ratio of 1.71 and a beta of 1.32. Bank of America has a 1-year low of $22.01 and a 1-year high of $30.73.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.
Bank of America announced that its Board of Directors has approved a share repurchase program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
A number of institutional investors and hedge funds have recently modified their holdings of BAC. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the second quarter worth about $100,000. Chicago Partners Investment Group LLC grew its position in shares of Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares in the last quarter. Burt Wealth Advisors grew its position in shares of 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 purchasing an additional 4,294 shares in the last quarter. MPS Loria Financial Planners LLC purchased a new stake in shares of Bank of America during the second quarter worth about $115,000. Finally, Legacy Advisors LLC purchased a new stake in shares of Bank of America during the third quarter worth about $115,000. Institutional investors and hedge funds own 68.43% of the company’s stock.
Bank of America 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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