Bank of America (NYSE:BAC) had its target price boosted by Truist Financial from $51.00 to $53.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider's stock.
BAC has been the topic of several other research reports. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, The Goldman Sachs Group raised their price target on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $48.89.
Read Our Latest Stock Report on BAC
Bank of America Stock Performance
Shares of NYSE:BAC traded down $0.26 during trading on Wednesday, hitting $46.71. 31,608,474 shares of the company were exchanged, compared to its average volume of 40,519,929. The company has a market cap of $351.81 billion, a PE ratio of 13.90, a P/E/G ratio of 1.28 and a beta of 1.30. The stock has a 50 day moving average of $44.88 and a 200 day moving average of $43.54. Bank of America has a 52-week low of $33.07 and a 52-week high of $49.31. 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 posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, equities research analysts predict that Bank of America will post 3.7 EPS for the current year.
Bank of America Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America's dividend payout ratio is currently 30.95%.
Institutional Trading of Bank of America
A number of institutional investors have recently modified their holdings of the company. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter worth about $25,000. Nova Wealth Management Inc. lifted its holdings in Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after buying an additional 227 shares during the period. Vega Investment Solutions purchased a new stake in Bank of America in the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America in the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America in the fourth quarter worth about $34,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
About Bank of America
(
Get Free Report)
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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