Bank of America Corporation (BAC) Rating Reiterated by Citigroup Inc.

Bank of America Corporation (NYSE:BAC)‘s stock had its “neutral” rating reissued by stock analysts at Citigroup Inc. in a research report issued on Monday. They presently have a $27.00 price objective on the financial services provider’s stock, up from their prior price objective of $25.00. Citigroup Inc.’s price target indicates a potential upside of 4.13% from the stock’s current price.

Several other equities analysts have also recently issued reports on BAC. Robert W. Baird reiterated a “hold” rating and set a $24.00 price target on shares of Bank of America Corporation in a research report on Sunday, October 1st. Vetr cut shares of Bank of America Corporation from a “hold” rating to a “sell” rating and set a $25.08 price target on the stock. in a research report on Wednesday, October 4th. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Deutsche Bank AG reiterated a “hold” rating and set a $25.00 price target (up previously from $23.00) on shares of Bank of America Corporation in a research report on Tuesday, September 26th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price target on shares of Bank of America Corporation in a research report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. Bank of America Corporation currently has a consensus rating of “Buy” and an average price target of $24.88.

Bank of America Corporation (NYSE BAC) opened at 25.93 on Monday. The stock’s 50 day moving average is $24.54 and its 200-day moving average is $23.89. The company has a market cap of $272.69 billion, a PE ratio of 15.44 and a beta of 1.25. Bank of America Corporation has a 52-week low of $15.60 and a 52-week high of $26.30.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the previous year, the company earned $0.41 earnings per share. Bank of America Corporation’s quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that Bank of America Corporation will post $1.80 EPS for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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In other news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the transaction, the director now owns 50,000 shares in the company, valued at $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.18% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Bank of America Corporation by 1.4% during the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. Korea Investment CORP lifted its position in Bank of America Corporation by 0.5% during the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after purchasing an additional 390,771 shares during the period. Boston Partners lifted its position in Bank of America Corporation by 0.5% during the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after purchasing an additional 368,898 shares during the period. TIAA CREF Investment Management LLC lifted its position in Bank of America Corporation by 1.7% during the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares during the period. Finally, Legal & General Group Plc lifted its position in Bank of America Corporation by 2.0% during the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock valued at $1,232,414,000 after purchasing an additional 1,007,405 shares during the period. Hedge funds and other institutional investors own 61.64% of the company’s stock.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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