Bank of America Corp. (BAC) Cut to “Hold” at Societe Generale
A number of other analysts also recently commented on BAC. Keefe, Bruyette & Woods downgraded shares of Bank of America Corp. from an outperform rating to a market perform rating and dropped their price target for the stock from $17.00 to $16.00 in a research report on Monday, May 16th. Vetr downgraded shares of Bank of America Corp. from a buy rating to a hold rating and set a $15.29 target price on the stock. in a report on Wednesday, May 25th. TheStreet upgraded shares of Bank of America Corp. to a buy rating in a report on Thursday, May 26th. Raymond James Financial Inc. reiterated an outperform rating on shares of Bank of America Corp. in a report on Friday, June 3rd. Finally, Deutsche Bank AG reiterated a buy rating on shares of Bank of America Corp. in a report on Saturday, June 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Bank of America Corp. currently has an average rating of Buy and an average target price 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 price-to-earnings ratio of 12.98 and a beta of 1.67. Bank of America Corp. has a one year low of $10.99 and a one year high of $18.09. The firm has a 50 day moving average of $15.24 and a 200-day moving average of $14.21.
Bank of America Corp. (NYSE:BAC) last released its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $20.60 million for the quarter, compared to the consensus estimate of $20.41 billion. During the same period in the previous year, the firm earned $0.45 EPS. Bank of America Corp.’s revenue was down 7.2% on a year-over-year basis. Equities research analysts forecast that Bank of America Corp. will post $1.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be paid a $0.075 dividend. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.94%. Bank of America Corp.’s dividend payout ratio is currently 24.59%.
In other Bank of America Corp. news, Director Thomas D. Woods acquired 25,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the purchase, the director now owns 32,459 shares in the company, valued at approximately $458,645.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.18% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Hall Laurie J Trustee boosted its position in shares of Bank of America Corp. by 28.3% in the second quarter. Hall Laurie J Trustee now owns 7,732 shares of the financial services provider’s stock worth $102,000 after buying an additional 1,707 shares in the last quarter. Seven Eight Capital LLC acquired a new position in shares of Bank of America Corp. during the second quarter worth about $113,000. Acrospire Investment Management LLC acquired a new position in shares of Bank of America Corp. during the first quarter worth about $119,000. Orbitronix LP acquired a new position in shares of Bank of America Corp. during the first quarter worth about $135,000. Finally, Joel Isaacson & Co. LLC boosted its position in shares of Bank of America Corp. by 7.6% in the second quarter. Joel Isaacson & Co. LLC now owns 10,317 shares of the financial services provider’s stock worth $137,000 after buying an additional 731 shares in 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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