Bank of America Corporation (NYSE:BAC) had its price objective increased by Royal Bank Of Canada from $26.00 to $28.00 in a report published on Monday morning, MarketBeat reports. They currently have an outperform rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on BAC. Vetr lowered Bank of America Corporation from a buy rating to a hold rating and set a $24.19 price objective for the company. in a research note on Wednesday, June 28th. Deutsche Bank AG reaffirmed a hold rating on shares of Bank of America Corporation in a research note on Monday, July 3rd. Keefe, Bruyette & Woods reaffirmed an outperform rating on shares of Bank of America Corporation in a research note on Tuesday, July 4th. BidaskClub raised Bank of America Corporation from a hold rating to a buy rating in a research note on Friday, July 7th. Finally, Jefferies Group LLC reaffirmed a buy rating on shares of Bank of America Corporation in a research note on Friday, July 7th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $25.47.

Bank of America Corporation (NYSE BAC) opened at 26.48 on Monday. The stock has a market capitalization of $278.48 billion, a PE ratio of 15.16 and a beta of 1.25. Bank of America Corporation has a 52 week low of $15.90 and a 52 week high of $26.55. The firm has a 50-day moving average price of $24.93 and a 200-day moving average price of $23.99.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion during the quarter, compared to analyst estimates of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the company earned $0.41 EPS. Equities research analysts predict that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

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Bank of America Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 1st were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.81%. Bank of America Corporation’s dividend payout ratio (DPR) is currently 27.43%.

In other news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction on 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 in the company, valued at approximately $1,208,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.18% of the company’s stock.

Several large investors have recently made changes to their positions in BAC. Janus Henderson Group PLC increased its holdings in shares of 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 valued at $329,911,000 after acquiring an additional 11,619,173 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of 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 valued at $1,070,762,000 after acquiring an additional 9,612,342 shares during the period. Vanguard Group Inc. boosted its position 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 worth $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of 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 purchasing an additional 8,261,288 shares in the last quarter. Finally, Investec Asset Management LTD boosted its position in shares of 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 purchasing an additional 7,231,615 shares in the last quarter. Institutional investors and hedge funds own 61.61% of the company’s stock.

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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