Societe Generale downgraded shares of Bank of America Corp. (NYSE:BAC) from a buy rating to a hold rating in a research note published on Tuesday morning.

Several other equities analysts have also recently weighed in on the stock. Vetr cut shares of Bank of America Corp. from a buy rating to a hold rating and set a $16.38 target price for the company. in a research note on Thursday, September 8th. S&P Equity Research reissued a buy rating and issued a $18.00 target price on shares of Bank of America Corp. in a research note on Wednesday, August 31st. Goldman Sachs Group Inc. reissued a conviction-buy rating and issued a $17.00 target price on shares of Bank of America Corp. in a research note on Friday, August 26th. Robert W. Baird raised shares of Bank of America Corp. from a neutral rating to an outperform rating in a research note on Thursday, August 25th. Finally, Macquarie raised shares of Bank of America Corp. from an underperform rating to a neutral rating in a research note on Thursday, August 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-one have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $25.04.

Bank of America Corp. (NYSE:BAC) opened at 15.49 on Tuesday. The firm has a market cap of $162.90 billion, a PE ratio of 12.98 and a beta of 1.67. The stock has a 50 day moving average of $15.24 and a 200-day moving average of $14.21. Bank of America Corp. has a 52 week low of $10.99 and a 52 week high of $18.09.

Bank of America Corp. (NYSE:BAC) last released its earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. Bank of America Corp. had a net margin of 16.31% and a return on equity of 6.23%. The business earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. During the same period last year, the business earned $0.45 earnings per share. The firm’s revenue was down 7.2% on a year-over-year basis. Analysts expect that Bank of America Corp. will post $1.26 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be issued a dividend of $0.075 per share. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Wednesday, August 31st. Bank of America Corp.’s payout ratio is 24.59%.

In other news, Director Thomas D. Woods purchased 25,000 shares of Bank of America Corp. stock in a transaction dated Tuesday, August 2nd. The shares were bought at an average cost of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the acquisition, the director now owns 32,459 shares in the company, valued at approximately $458,645.67. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Kovitz Investment Group Partners LLC bought a new stake in shares of Bank of America Corp. during the first quarter valued at approximately $63,055,000. Mutual of Omaha Bank Wealth Management boosted its stake in shares of Bank of America Corp. by 7.1% in the second quarter. Mutual of Omaha Bank Wealth Management now owns 80,325 shares of the financial services provider’s stock valued at $1,369,000 after buying an additional 5,325 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Bank of America Corp. by 2.2% in the first quarter. Legal & General Group Plc now owns 48,567,933 shares of the financial services provider’s stock valued at $656,688,000 after buying an additional 1,066,593 shares during the last quarter. Investec Asset Management LTD boosted its stake in shares of Bank of America Corp. by 125.1% in the first quarter. Investec Asset Management LTD now owns 3,383,418 shares of the financial services provider’s stock valued at $45,744,000 after buying an additional 1,880,545 shares during the last quarter. Finally, AIMZ Investment Advisors LLC boosted its stake in shares of Bank of America Corp. by 6.4% in the first quarter. AIMZ Investment Advisors LLC now owns 24,319 shares of the financial services provider’s stock valued at $329,000 after buying an additional 1,473 shares during the last quarter. Institutional investors own 60.86% of the company’s stock.

About Bank of America Corp.

Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.

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