Bank of America (NYSE:BAC) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Wednesday. They presently have a $33.89 target price on the financial services provider’s stock. Vetr‘s target price points to a potential upside of 11.96% from the company’s previous close.

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Bank of America from $27.50 to $28.50 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Royal Bank of Canada restated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research report on Friday, December 8th. Morgan Stanley restated an “overweight” rating and issued a $30.00 price target (up previously from $28.00) on shares of Bank of America in a research report on Thursday, November 30th. Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and lifted their price target for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $29.00 to $34.00 and gave the stock an “outperform” rating in a research report on Thursday, December 14th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. Bank of America presently has an average rating of “Buy” and an average target price of $27.56.

Bank of America (BAC) opened at $30.27 on Wednesday. Bank of America has a 12 month low of $22.01 and a 12 month high of $30.54. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The company has a market cap of $315,730.00, a P/E ratio of 17.60, a P/E/G ratio of 1.71 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same quarter last year, the business earned $0.41 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. research analysts expect that Bank of America will post 1.79 EPS for the current fiscal year.

Bank of America declared that its board has authorized a stock repurchase program on Tuesday, December 5th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Several large investors have recently modified their holdings of BAC. Janus Henderson Group PLC boosted its stake in shares of Bank of America by 587.0% during the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after buying an additional 11,619,173 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares during the period. Vanguard Group Inc. boosted its stake in shares of Bank of America by 1.4% during the 2nd 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 period. Parametric Portfolio Associates LLC boosted its stake in shares of Bank of America by 52.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after buying an additional 8,261,288 shares during the period. Finally, Investec Asset Management LTD boosted its stake in shares of Bank of America by 68.6% during the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after buying an additional 7,231,615 shares during the period. 68.43% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Bank of America (NYSE:BAC)

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