Bank of America Corporation (BAC) Stock Rating Lowered by Vetr Inc.
Vetr downgraded shares of Bank of America Corporation (NYSE:BAC) from a hold rating to a sell rating in a research note released on Wednesday. They currently have $25.08 price target on the financial services provider’s stock.
BAC has been the topic of a number of other reports. Instinet reiterated a buy rating and set a $27.00 price target on shares of Bank of America Corporation in a research report on Saturday, July 22nd. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a research report on Wednesday, August 9th. They set an outperform rating and a $30.00 price target on the stock. Buckingham Research reiterated a buy rating and set a $30.00 price target (up from $27.00) on shares of Bank of America Corporation in a research report on Monday, July 10th. Robert W. Baird reiterated a hold rating and set a $24.00 price target on shares of Bank of America Corporation in a research report on Sunday, October 1st. Finally, BidaskClub upgraded shares of Bank of America Corporation from a hold rating to a buy rating in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $24.80.
Shares of Bank of America Corporation (NYSE BAC) opened at 26.21 on Wednesday. The company’s 50 day moving average is $24.41 and its 200 day moving average is $23.83. The company has a market capitalization of $275.64 billion, a price-to-earnings ratio of 15.61 and a beta of 1.25. Bank of America Corporation has a one year low of $15.60 and a one year high of $26.30. Bank of America Corporation also saw unusually large options trading activity on Thursday. Traders acquired 245,085 call options on the stock. This represents an increase of 125% compared to the average volume of 109,122 call options.
Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The business had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same period last year, the business earned $0.41 earnings per share. The business’s quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post $1.80 earnings per share for the current year.
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Bank of America Corporation announced that its board has approved a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.83%. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date was Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.
In related news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated 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 completion of 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 Securities & Exchange Commission, which is available through this link. 0.18% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Janus Henderson Group PLC increased its holdings in Bank of America Corporation by 587.0% in the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after buying an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Bank of America Corporation by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after buying an additional 9,612,342 shares in the last quarter. Vanguard Group Inc. increased its holdings in Bank of America Corporation by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after buying an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in Bank of America Corporation by 52.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock worth $582,536,000 after buying an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD increased its holdings in Bank of America Corporation by 68.6% in the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock worth $431,157,000 after buying an additional 7,231,615 shares in the last quarter. Institutional investors own 61.64% 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.
To view Vetr’s full report, visit Vetr’s official website.
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