Bank of America (NYSE:BAC) Price Target Raised to $46.00 at Oppenheimer

Bank of America (NYSE:BAC) had its price objective hoisted by Oppenheimer from $45.00 to $46.00 in a research report report published on Tuesday, Benzinga reports. They currently have an outperform rating on the financial services provider's stock.

Several other analysts have also issued reports on the company. UBS Group reissued a neutral rating and set a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods increased their target price on Bank of America from $33.00 to $37.00 and gave the stock a market perform rating in a report on Friday, April 5th. Wolfe Research raised Bank of America from a peer perform rating to an outperform rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Morgan Stanley raised Bank of America from an equal weight rating to an overweight rating and increased their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, BMO Capital Markets increased their target price on Bank of America from $36.00 to $37.00 and gave the stock a market perform rating in a report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $38.59.

Bank of America Stock Performance

NYSE BAC traded down $0.54 on Tuesday, reaching $37.01. The stock had a trading volume of 30,280,209 shares, compared to its average volume of 41,130,859. 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 firm has a fifty day moving average of $36.26 and a two-hundred day moving average of $32.95. Bank of America has a 1-year low of $24.96 and a 1-year high of $38.49. The company has a market cap of $291.99 billion, a P/E ratio of 12.80, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates 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 prior year, the firm posted $0.94 EPS. The company's revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Bank of America will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.59%. Bank of America's dividend payout ratio is presently 33.22%.

Hedge Funds Weigh In On Bank of America

Several large investors have recently bought and sold shares of the company. Norges Bank bought a new position in Bank of America in the fourth quarter valued at about $3,734,407,000. Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider's stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Northern Trust Corp raised its position in shares of Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider's stock worth $1,852,222,000 after acquiring an additional 1,397,469 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider's stock worth $1,408,520,000 after acquiring an additional 1,315,056 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider's stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. 70.71% of the stock is currently 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.