Bank of America Corporation (BAC) Upgraded at Vetr Inc.
Vetr upgraded shares of Bank of America Corporation (NYSE:BAC) from a buy rating to a strong-buy rating in a research report sent to investors on Wednesday morning. They currently have $26.59 target price on the financial services provider’s stock.
Several other equities research analysts also recently weighed in on the company. Robert W. Baird reaffirmed a hold rating and set a $24.00 price target on shares of Bank of America Corporation in a report on Friday, August 25th. Jefferies Group LLC reaffirmed a buy rating and set a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. Wells Fargo & Company began coverage on Bank of America Corporation in a report on Wednesday, August 9th. They set an outperform rating and a $30.00 price target for the company. BidaskClub raised Bank of America Corporation from a sell rating to a hold rating in a report on Friday, August 4th. Finally, Instinet reaffirmed a buy rating and set a $27.00 price target on shares of Bank of America Corporation in a report on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $24.47.
Bank of America Corporation (BAC) opened at 24.09 on Wednesday. Bank of America Corporation has a 1-year low of $14.81 and a 1-year high of $25.80. The firm has a market capitalization of $253.34 billion, a PE ratio of 14.35 and a beta of 1.26. The company has a 50 day moving average of $24.11 and a 200 day moving average of $23.87.
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, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.84 billion. During the same period last year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post $1.81 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.99%. Bank of America Corporation’s payout ratio is 28.57%.
Bank of America Corporation announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other 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 transaction, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Intl Fcstone Inc. purchased a new position in Bank of America Corporation during the second quarter valued at $348,000. Griffin Asset Management Inc. purchased a new position in Bank of America Corporation during the second quarter valued at $824,000. Achmea Investment Management B.V. raised its position in Bank of America Corporation by 66.6% in the second quarter. Achmea Investment Management B.V. now owns 584,604 shares of the financial services provider’s stock valued at $14,179,000 after buying an additional 233,753 shares in the last quarter. Aldebaran Financial Inc. raised its position in Bank of America Corporation by 6.7% in the second quarter. Aldebaran Financial Inc. now owns 14,387 shares of the financial services provider’s stock valued at $349,000 after buying an additional 900 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Bank of America Corporation by 57.9% in the second quarter. Lord Abbett & CO. LLC now owns 5,377,671 shares of the financial services provider’s stock valued at $130,463,000 after buying an additional 1,971,715 shares in the last quarter. 66.04% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Corporation Company Profile
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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