Bank of America Co. (NYSE:BAC) Given Consensus Rating of “Buy” by Analysts

Bank of America Co. (NYSE:BAC) has been assigned an average rating of “Buy” from the twenty-one research firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and fifteen have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $49.17.

Several brokerages have recently weighed in on BAC. Barclays increased their price target on Bank of America from $49.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, January 3rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Bank of America in a report on Friday, December 17th. The Goldman Sachs Group increased their price target on Bank of America from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, October 15th. Societe Generale lowered Bank of America from a “buy” rating to a “hold” rating in a report on Wednesday, January 5th. They noted that the move was a valuation call. Finally, Jefferies Financial Group increased their price target on Bank of America from $41.00 to $48.00 and gave the stock a “hold” rating in a report on Monday, October 11th.

In other news, Director Frank P. Bramble sold 2,200 shares of the firm’s stock in a transaction that occurred on Tuesday, November 2nd. The shares were sold at an average price of $48.22, for a total value of $106,084.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.22% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in BAC. PrairieView Partners LLC increased its stake in shares of Bank of America by 162.5% during the third quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 450 shares in the last quarter. Core Alternative Capital purchased a new stake in shares of Bank of America during the third quarter valued at approximately $34,000. Mascoma Wealth Management LLC purchased a new stake in shares of Bank of America during the third quarter valued at approximately $36,000. Elmwood Wealth Management Inc. grew its holdings in shares of Bank of America by 138.9% during the second quarter. Elmwood Wealth Management Inc. now owns 860 shares of the financial services provider’s stock valued at $35,000 after buying an additional 500 shares during the last quarter. Finally, Private Ocean LLC grew its holdings in shares of Bank of America by 67.1% during the third quarter. Private Ocean LLC now owns 879 shares of the financial services provider’s stock valued at $37,000 after buying an additional 353 shares during the last quarter. 70.14% of the stock is owned by institutional investors.

Shares of NYSE BAC traded down $0.85 during trading hours on Friday, hitting $47.91. 72,939,117 shares of the stock were exchanged, compared to its average volume of 56,900,043. The company’s fifty day simple moving average is $45.88 and its two-hundred day simple moving average is $43.28. The company has a market cap of $392.10 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 2.21 and a beta of 1.48. Bank of America has a 1-year low of $29.57 and a 1-year high of $50.08. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.73 and a current ratio of 0.74.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.14. The company had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $21.60 billion. Bank of America had a return on equity of 12.16% and a net margin of 33.10%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. As a group, sell-side analysts expect that Bank of America will post 3.49 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 31st. Stockholders of record on Friday, December 3rd were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend was Thursday, December 2nd. Bank of America’s dividend payout ratio is 25.23%.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

Featured Article: What does cost of debt say about a company’s financial health?

Analyst Recommendations for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.