Bank of America Corporation (BAC) Given “Hold” Rating at Robert W. Baird
Robert W. Baird reissued their hold rating on shares of Bank of America Corporation (NYSE:BAC) in a research report released on Friday. They currently have a $24.00 target price on the financial services provider’s stock.
A number of other brokerages also recently commented on BAC. BidaskClub upgraded Bank of America Corporation from a sell rating to a hold rating in a research note on Friday, August 4th. CIBC restated an outperform rating on shares of Bank of America Corporation in a research note on Tuesday, July 11th. Keefe, Bruyette & Woods restated an outperform rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. Vetr downgraded Bank of America Corporation from a buy rating to a hold rating and set a $24.19 target price on the stock. in a research note on Wednesday, June 28th. Finally, Jefferies Group LLC restated a buy rating and issued a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $24.26.
Shares of Bank of America Corporation (BAC) traded down 0.46% during mid-day trading on Friday, reaching $23.66. 21,650,116 shares of the company traded hands. Bank of America Corporation has a 52-week low of $14.81 and a 52-week high of $25.80. The stock has a market capitalization of $248.82 billion, a price-to-earnings ratio of 14.09 and a beta of 1.27. The company’s 50 day moving average is $24.22 and its 200 day moving average is $23.84.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same quarter in the previous year, the company posted $0.41 earnings per share. Bank of America Corporation’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post $1.81 earnings per share for the current year.
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Bank of America Corporation announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be paid a $0.12 dividend. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is currently 17.86%.
In other news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now directly owns 50,000 shares in the company, valued at approximately $1,208,000. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.18% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Murphy Capital Management Inc. raised its stake in Bank of America Corporation by 11.7% in the first quarter. Murphy Capital Management Inc. now owns 27,575 shares of the financial services provider’s stock valued at $650,000 after buying an additional 2,886 shares in the last quarter. E&G Advisors LP raised its stake in Bank of America Corporation by 17.3% in the first quarter. E&G Advisors LP now owns 77,370 shares of the financial services provider’s stock valued at $1,825,000 after buying an additional 11,435 shares in the last quarter. Gradient Investments LLC raised its stake in Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock valued at $107,000 after buying an additional 700 shares in the last quarter. Regentatlantic Capital LLC raised its stake in Bank of America Corporation by 1.5% in the first quarter. Regentatlantic Capital LLC now owns 529,136 shares of the financial services provider’s stock valued at $12,482,000 after buying an additional 8,066 shares in the last quarter. Finally, Adirondack Trust Co. raised its stake in Bank of America Corporation by 9.5% in the first quarter. Adirondack Trust Co. now owns 5,957 shares of the financial services provider’s stock valued at $140,000 after buying an additional 519 shares in the last quarter. Institutional investors own 66.04% of the company’s stock.
About Bank of America Corporation
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.
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