Wells Fargo & Co set a $34.00 price objective on Bank of America (NYSE:BAC) in a research report sent to investors on Friday, TipRanks reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Bank of America from a hold rating to a sell rating and set a $32.00 target price for the company. in a research note on Wednesday, July 10th. ValuEngine downgraded Bank of America from a hold rating to a sell rating in a research note on Thursday, August 8th. Morgan Stanley set a $31.00 target price on Bank of America and gave the stock a buy rating in a research note on Friday, August 9th. Berenberg Bank set a $30.00 price target on Bank of America and gave the stock a hold rating in a report on Monday, June 17th. Finally, Atlantic Securities cut Bank of America from an overweight rating to a neutral rating and set a $30.81 price target for the company. in a report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $32.75.

Bank of America stock traded up $0.24 during midday trading on Friday, reaching $27.27. The stock had a trading volume of 44,944,550 shares, compared to its average volume of 56,539,461. The firm’s fifty day simple moving average is $29.15 and its 200-day simple moving average is $28.87. Bank of America has a 1-year low of $22.66 and a 1-year high of $31.49. The stock has a market capitalization of $244.34 billion, a P/E ratio of 10.45, a price-to-earnings-growth ratio of 1.03 and a beta of 1.54. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The business’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. On average, sell-side analysts anticipate that Bank of America will post 2.83 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a share repurchase program on Thursday, June 27th that allows the company to buyback $30.90 billion in shares. This buyback authorization allows the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.64%. This is a boost from Bank of America’s previous quarterly dividend of $0.15. Bank of America’s payout ratio is 22.99%.

Institutional investors have recently bought and sold shares of the company. Griffin Asset Management Inc. grew its position in Bank of America by 6.7% during the 2nd quarter. Griffin Asset Management Inc. now owns 176,995 shares of the financial services provider’s stock worth $5,133,000 after acquiring an additional 11,187 shares during the last quarter. Maltese Capital Management LLC grew its position in Bank of America by 87.1% during the 2nd quarter. Maltese Capital Management LLC now owns 346,200 shares of the financial services provider’s stock worth $10,040,000 after acquiring an additional 161,200 shares during the last quarter. Primecap Management Co. CA grew its position in Bank of America by 1.6% during the 2nd quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock worth $1,055,666,000 after acquiring an additional 573,200 shares during the last quarter. Prudential PLC grew its position in Bank of America by 5.6% during the 2nd quarter. Prudential PLC now owns 14,667,593 shares of the financial services provider’s stock worth $425,360,000 after acquiring an additional 780,257 shares during the last quarter. Finally, Steadfast Capital Management LP grew its position in Bank of America by 43.5% during the 2nd quarter. Steadfast Capital Management LP now owns 11,662,693 shares of the financial services provider’s stock worth $338,218,000 after acquiring an additional 3,532,651 shares during the last quarter. 68.50% of the stock is owned by institutional investors.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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