Bank of America Corporation (NYSE:BAC) had its price objective lifted by J P Morgan Chase & Co from $27.50 to $28.50 in a research note released on Wednesday. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research analysts also recently issued reports on the stock. Vetr downgraded shares of Bank of America Corporation from a hold rating to a sell rating and set a $23.52 price target on the stock. in a research report on Tuesday, July 4th. CIBC reissued an outperform rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Robert W. Baird reissued a hold rating and set a $24.00 price objective on shares of Bank of America Corporation in a report on Friday, August 25th. BidaskClub raised Bank of America Corporation from a hold rating to a buy rating in a report on Friday, July 7th. Finally, UBS Group AG (USA) set a $27.00 price objective on Bank of America Corporation and gave the stock a hold rating in a report on Monday, October 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company’s stock. Bank of America Corporation has an average rating of Buy and a consensus price target of $25.57.

Bank of America Corporation (BAC) opened at $27.82 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. The stock has a market cap of $290.18 billion, a PE ratio of 15.93, a P/E/G ratio of 1.93 and a beta of 1.31. Bank of America Corporation has a 52-week low of $16.35 and a 52-week high of $27.98.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 EPS. analysts forecast that Bank of America Corporation will post 1.8 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio (DPR) is currently 27.91%.

In other Bank of America Corporation 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 transaction of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of 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 valued at $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. Korea Investment CORP boosted its holdings in shares of Bank of America Corporation by 0.5% in the 2nd 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 during the last quarter. Boston Partners boosted its holdings in shares of Bank of America Corporation by 0.5% in the 1st quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after buying an additional 368,898 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in shares of Bank of America Corporation by 1.7% in the 2nd 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 during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Bank of America Corporation by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after buying an additional 1,007,405 shares during the last quarter. 61.58% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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