Bank of America Co. (NYSE:BAC) Receives Consensus Recommendation of “Moderate Buy” from Analysts

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

Several large investors have recently added to or reduced their stakes in BAC. Jump Financial LLC increased its stake in shares of Bank of America by 25.5% in the third quarter. Jump Financial LLC now owns 28,514 shares of the financial services provider’s stock valued at $781,000 after purchasing an additional 5,798 shares during the period. Americana Partners LLC raised its stake in Bank of America by 45.0% during the 3rd quarter. Americana Partners LLC now owns 60,696 shares of the financial services provider’s stock valued at $1,662,000 after acquiring an additional 18,845 shares in the last quarter. Kestra Private Wealth Services LLC boosted its position in Bank of America by 23.1% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 463,384 shares of the financial services provider’s stock worth $12,687,000 after acquiring an additional 86,905 shares during the period. Ledyard National Bank grew its stake in shares of Bank of America by 7.6% in the third quarter. Ledyard National Bank now owns 15,653 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 1,102 shares in the last quarter. Finally, Bryn Mawr Capital Management LLC increased its holdings in shares of Bank of America by 418.7% during the third quarter. Bryn Mawr Capital Management LLC now owns 44,098 shares of the financial services provider’s stock valued at $1,207,000 after purchasing an additional 35,596 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

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) 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.