Bank of America Corp.’s (BAC) Buy Rating Reiterated at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. reaffirmed their buy rating on shares of Bank of America Corp. (NYSE:BAC) in a report issued on Friday morning. Goldman Sachs Group Inc. currently has a $19.00 target price on the financial services provider’s stock, up from their previous target price of $17.00.
Other research analysts have also issued research reports about the company. Credit Suisse Group AG reissued an outperform rating and set a $18.00 price objective on shares of Bank of America Corp. in a report on Thursday, July 7th. Vetr raised Bank of America Corp. from a hold rating to a buy rating and set a $16.58 price objective for the company in a report on Tuesday, September 6th. Societe Generale lowered Bank of America Corp. from a buy rating to a hold rating in a report on Tuesday, September 13th. S&P Equity Research reissued a buy rating and set a $18.00 price objective on shares of Bank of America Corp. in a report on Wednesday, August 31st. Finally, Deutsche Bank AG reissued a buy rating and set a $175.00 price objective on shares of Bank of America Corp. in a report on Thursday, August 25th. One 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. The company presently has an average rating of Buy and an average target price of $25.04.
Bank of America Corp. (NYSE:BAC) opened at 15.60 on Friday. The firm’s 50-day moving average is $15.40 and its 200 day moving average is $14.29. Bank of America Corp. has a 12-month low of $10.99 and a 12-month high of $18.09. The company has a market cap of $164.06 billion, a price-to-earnings ratio of 13.08 and a beta of 1.67.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.03. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The firm had revenue of $20.60 million for the quarter, compared to analysts’ expectations of $20.41 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s revenue was down 7.2% on a year-over-year basis. On average, equities analysts expect that Bank of America Corp. will post $1.26 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd will be issued a $0.075 dividend. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.92%. Bank of America Corp.’s dividend payout ratio is 24.59%.
In other news, Director Thomas D. Woods acquired 25,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was acquired at an average price 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 $458,645.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. increased its position in Bank of America Corp. by 1.5% in the second quarter. Macquarie Group Ltd. now owns 536,836 shares of the financial services provider’s stock worth $7,123,000 after buying an additional 7,700 shares during the period. Williams Jones & Associates LLC increased its position in Bank of America Corp. by 13.7% in the second quarter. Williams Jones & Associates LLC now owns 137,788 shares of the financial services provider’s stock worth $1,828,000 after buying an additional 16,629 shares during the period. Springowl Associates LLC purchased a new position in Bank of America Corp. during the second quarter worth about $929,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Bank of America Corp. during the second quarter worth about $5,504,000. Finally, Kentucky Retirement Systems purchased a new position in Bank of America Corp. during the second quarter worth about $11,591,000. Institutional investors and hedge funds own 60.68% of the company’s stock.
Bank of America Corp. Company Profile
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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