Bank of America Co. (NYSE:BAC) Receives $38.29 Consensus Target Price from Brokerages

Shares of Bank of America Co. (NYSE:BAC) have been assigned an average rating of “Hold” from the sixteen analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $38.23.

BAC has been the topic of a number of recent research reports. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Evercore ISI upped their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Oppenheimer cut their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday.

Bank of America Price Performance

BAC stock opened at $35.22 on Thursday. Bank of America has a 1 year low of $24.96 and a 1 year high of $38.35. The company has a market cap of $277.87 billion, a P/E ratio of 11.47, a PEG ratio of 1.64 and a beta of 1.39. The firm has a 50-day moving average of $35.55 and a 200 day moving average of $32.21. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. Bank of America’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America will post 3.13 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.73%. Bank of America’s payout ratio is presently 31.27%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter valued at $25,000. Quarry LP bought a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Glass Jacobson Investment Advisors llc raised its position in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the period. Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter valued at $28,000. Finally, Castleview Partners LLC bought a new stake in shares of Bank of America during the 1st quarter valued at $28,000. 70.71% of the stock is currently owned by institutional investors.

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.