BMO Capital Markets Increases Bank of America (BAC) Price Target to $34.00
Bank of America (NYSE:BAC) had its price objective raised by BMO Capital Markets to $34.00 in a research note released on Thursday morning. They currently have an average rating on the financial services provider’s stock. The analysts noted that the move was a valuation call.
A number of other equities research analysts also recently commented on BAC. ValuEngine downgraded shares of Bank of America from a buy rating to a hold rating in a report on Tuesday, January 16th. Robert W. Baird reissued a hold rating and issued a $24.00 target price on shares of Bank of America in a research report on Sunday, October 1st. Deutsche Bank reissued a hold rating and issued a $25.00 target price (up from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. Vetr cut shares of Bank of America from a strong-buy rating to a buy rating and set a $33.89 target price on the stock. in a research report on Wednesday, January 10th. Finally, BidaskClub raised shares of Bank of America from a sell rating to a hold rating in a research report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $29.87.
Shares of Bank of America (NYSE BAC) opened at $31.72 on Thursday. The company has a market cap of $326,313.16, a PE ratio of 20.46, a PEG ratio of 1.66 and a beta of 1.32. Bank of America has a twelve month low of $22.07 and a twelve month high of $31.79. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.51%. Bank of America’s dividend payout ratio (DPR) is 30.97%.
Bank of America declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Bank of America by 1.4% during the second 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 in the last quarter. Korea Investment CORP lifted its position in Bank of America by 0.5% during the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after buying an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC lifted its position in Bank of America by 1.7% during the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after buying an additional 1,079,788 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Bank of America by 0.7% during the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Bank of America by 27.8% during the second 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 purchasing an additional 9,612,342 shares during the period. 68.46% of the stock is currently owned by hedge funds and other institutional investors.
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Bank of America 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.
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