Bank of America (NYSE:BAC) Price Target Raised to $39.00 at Citigroup

Bank of America (NYSE:BAC) had its price objective hoisted by Citigroup from $37.00 to $39.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on BAC. The Goldman Sachs Group boosted their target price on Bank of America from $30.00 to $33.00 and gave the stock a buy rating in a research report on Friday, December 1st. Odeon Capital Group downgraded Bank of America from a buy rating to a hold rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Oppenheimer dropped their target price on Bank of America from $50.00 to $46.00 and set an outperform rating for the company in a research report on Tuesday, March 19th. Morgan Stanley upgraded Bank of America from an equal weight rating to an overweight rating and boosted their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, BMO Capital Markets lowered their price objective on Bank of America from $37.00 to $36.00 and set a market perform rating for the company in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of Moderate Buy and a consensus price target of $35.65.

Bank of America Stock Down 1.2 %

BAC stock opened at $37.05 on Wednesday. The firm has a market capitalization of $292.35 billion, a PE ratio of 12.07, a PEG ratio of 1.72 and a beta of 1.38. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a 50-day simple moving average of $34.17 and a two-hundred day simple moving average of $31.10. Bank of America has a twelve month low of $24.96 and a twelve month high of $37.61.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $0.85 EPS. On average, equities analysts predict that Bank of America will post 3.12 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.24 dividend. The ex-dividend date is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.59%. Bank of America’s dividend payout ratio is currently 31.27%.

Insider Transactions at Bank of America

In related news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the business’s stock in a transaction dated Wednesday, December 27th. The shares were purchased at an average cost of $10.56 per share, with a total value of $57,002.88. Following the completion of the purchase, the insider now owns 5,398 shares in the company, valued at approximately $57,002.88. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BAC. Moneta Group Investment Advisors LLC lifted its holdings in Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank bought a new position in Bank of America in the fourth quarter valued at about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Barclays PLC lifted its holdings in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Finally, Snider Financial Group lifted its holdings in Bank of America by 9,477.3% in the first quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock valued at $5,956,000 after acquiring an additional 14,297,496 shares during the period. 68.06% of the stock is 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.