Shares of Bank of America Co. (NYSE:BAC) have earned a consensus rating of “Moderate Buy” from the eighteen brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $39.26.
BAC has been the subject of a number of recent analyst reports. Evercore ISI raised their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. boosted their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Oppenheimer raised their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Finally, Piper Sandler lifted their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday.
Institutional Investors Weigh In On Bank of America
Bank of America Trading Down 0.6 %
Shares of BAC opened at $39.71 on Friday. Bank of America has a 12 month low of $24.96 and a 12 month high of $40.19. The stock’s 50-day moving average is $37.99 and its two-hundred day moving average is $35.03. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $310.51 billion, a PE ratio of 13.74, a P/E/G ratio of 1.75 and a beta of 1.36.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the company posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities analysts forecast that Bank of America will post 3.23 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.42%. Bank of America’s dividend payout ratio is currently 33.22%.
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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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