Bank of America (NYSE:BAC) had its price objective lowered by JPMorgan Chase & Co. from $30.50 to $29.50 in a research report released on Tuesday, 24/7 WallStreet reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.
Several other brokerages have also recently commented on BAC. Oppenheimer set a $15.00 price target on Strongbridge Biopharma and gave the company a buy rating in a research report on Tuesday, March 26th. Jefferies Financial Group set a $158.00 price target on HCA Healthcare and gave the company a buy rating in a research report on Wednesday, April 17th. BMO Capital Markets raised Bank of America from a market perform rating to an outperform rating and set a $37.00 price target for the company in a research report on Monday, June 17th. HSBC reissued a hold rating on shares of Societe Generale in a research report on Thursday, April 4th. Finally, ValuEngine cut Zumiez from a hold rating to a sell rating in a research report on Monday, May 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $32.52.
NYSE:BAC opened at $29.45 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $279.16 billion, a P/E ratio of 11.28, a PEG ratio of 1.16 and a beta of 1.53. Bank of America has a 52-week low of $22.66 and a 52-week high of $31.91. The stock’s 50-day moving average price is $28.28.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. During the same period in the prior year, the firm posted $0.62 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. On average, research analysts anticipate that Bank of America will post 2.81 EPS for the current year.
Bank of America announced that its board has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 11.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a $0.15 dividend. The ex-dividend date was Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.04%. Bank of America’s payout ratio is 22.99%.
In other news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the sale, the insider now directly owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.17% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Daily Journal Corp lifted its position in shares of Bank of America by 9,900.0% in the second quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock valued at $66,700,000 after buying an additional 227,700,000 shares during the last quarter. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth approximately $2,656,024,000. Brandywine Global Investment Management LLC lifted its holdings in Bank of America by 111.7% during the 4th quarter. Brandywine Global Investment Management LLC now owns 11,609,495 shares of the financial services provider’s stock worth $286,058,000 after purchasing an additional 6,124,599 shares during the last quarter. Eaton Vance Management lifted its holdings in Bank of America by 32.4% during the 4th quarter. Eaton Vance Management now owns 16,638,057 shares of the financial services provider’s stock worth $409,962,000 after purchasing an additional 4,071,262 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Bank of America by 92.4% during the 4th quarter. Millennium Management LLC now owns 7,969,307 shares of the financial services provider’s stock worth $196,364,000 after purchasing an additional 3,827,667 shares during the last quarter. 68.19% of the stock is owned by institutional investors.
Bank of America Company Profile
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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