Vetr upgraded shares of Bank of America (NYSE:BAC) from a strong sell rating to a sell rating in a research note issued to investors on Monday, February 19th. The firm currently has $31.16 price target on the financial services provider’s stock.
A number of other equities research analysts have also issued reports on the company. BMO Capital Markets increased their price target on Bank of America to $34.00 and gave the company an average rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine downgraded Bank of America from a buy rating to a hold rating in a report on Tuesday, January 16th. BidaskClub upgraded Bank of America from a buy rating to a strong-buy rating in a report on Monday, October 23rd. Vining Sparks reiterated a buy rating and issued a $34.00 price objective on shares of Bank of America in a report on Wednesday, January 17th. Finally, Morgan Stanley raised their price target on Bank of America from $35.00 to $37.00 and gave the stock an overweight rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the stock. Bank of America currently has a consensus rating of Buy and an average price target of $30.35.
Shares of Bank of America (NYSE BAC) traded down $0.22 during trading on Monday, hitting $32.14. The stock had a trading volume of 58,006,590 shares, compared to its average volume of 81,010,000. Bank of America has a twelve month low of $22.07 and a twelve month high of $33.05. The firm has a market cap of $329,230.00, a price-to-earnings ratio of 18.47, a PEG ratio of 1.67 and a beta of 1.36. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.
Bank of America announced that its board has initiated a share buyback plan on Tuesday, December 5th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, March 1st. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Bank of America by 5.8% in the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after buying an additional 5,720,403 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in Bank of America by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after buying an additional 1,079,788 shares in the last quarter. Legal & General Group Plc grew its holdings in Bank of America by 0.7% in the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after buying an additional 379,854 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after purchasing an additional 9,612,342 shares during the period. 69.92% of the stock is owned by hedge funds and other institutional investors.
About Bank of America
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.
To view Vetr’s full report, visit Vetr’s official website.
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.