Bank of America Co. (NYSE:BAC) Given Consensus Rating of "Moderate Buy" by Analysts

Bank of America Co. (NYSE:BAC) has been assigned a consensus rating of "Moderate Buy" from the twenty-eight analysts that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, eighteen have issued a buy recommendation and four have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $47.69.

Several equities research analysts recently commented on the company. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Citigroup reduced their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Truist Financial dropped their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada reduced their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Finally, TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective on the stock.

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently made changes to their positions in BAC. 1248 Management LLC purchased a new position in shares of Bank of America in the first quarter worth $57,000. CBIZ Investment Advisory Services LLC raised its holdings in Bank of America by 10.8% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 8,508 shares of the financial services provider's stock valued at $355,000 after buying an additional 828 shares during the period. Silicon Valley Capital Partners lifted its position in Bank of America by 14.9% in the first quarter. Silicon Valley Capital Partners now owns 273,302 shares of the financial services provider's stock worth $11,274,000 after buying an additional 35,399 shares during the last quarter. Strs Ohio purchased a new position in Bank of America during the first quarter worth $84,066,000. Finally, Ellsworth Advisors LLC increased its position in Bank of America by 6.6% during the first quarter. Ellsworth Advisors LLC now owns 50,669 shares of the financial services provider's stock valued at $2,114,000 after acquiring an additional 3,123 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.5%

BAC traded up $0.24 during trading on Tuesday, reaching $45.11. The stock had a trading volume of 29,711,905 shares, compared to its average volume of 39,742,758. Bank of America has a one year low of $33.07 and a one year high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock's 50 day moving average is $40.78 and its two-hundred day moving average is $43.44. The company has a market capitalization of $339.73 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America's dividend payout ratio is presently 30.95%.

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.