Bank of America Corporation (NYSE:BAC) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of Bank of America Corporation (NYSE:BAC) have been assigned an average rating of "Moderate Buy" from the twenty-six brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, eighteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $48.28.

A number of research firms recently issued reports on BAC. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Morgan Stanley lifted their price target on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Truist Financial reduced their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, Robert W. Baird restated a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a report on Friday, June 27th.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently made changes to their positions in the stock. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America during the fourth quarter worth about $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $48.94 on Friday. The stock has a market capitalization of $368.61 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.33 and a beta of 1.30. Bank of America has a 12 month low of $33.07 and a 12 month high of $49.31. The firm's 50 day simple moving average is $44.28 and its 200-day simple moving average is $43.44. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data 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. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Analysts expect that Bank of America will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. Bank of America's dividend payout ratio (DPR) 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.

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