Bank of America (NYSE:BAC) Price Target Increased to $37.00 by Analysts at BMO Capital Markets

Bank of America (NYSE:BAC) had its target price upped by BMO Capital Markets from $36.00 to $37.00 in a research note released on Thursday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the financial services provider’s stock.

BAC has been the subject of several other reports. Erste Group Bank raised Bank of America from a hold rating to a buy rating in a report on Wednesday, April 3rd. Oppenheimer dropped their price objective on Bank of America from $46.00 to $45.00 and set an outperform rating for the company in a report on Wednesday, April 17th. HSBC reaffirmed a hold rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Morgan Stanley raised Bank of America from an equal weight rating to an overweight rating and boosted their price target for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Jefferies Financial Group boosted their price objective on Bank of America from $36.00 to $39.00 and gave the stock a hold rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $38.53.

Bank of America Stock Performance

Shares of NYSE BAC opened at $36.97 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. Bank of America has a 12 month low of $24.96 and a 12 month high of $38.35. The stock has a 50 day moving average of $35.68 and a 200-day moving average of $32.40. The company has a market capitalization of $291.72 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.66 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 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 previous year, the company posted $0.94 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is 33.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BAC. Fortis Group Advisors LLC acquired a new position in Bank of America during the 3rd quarter worth approximately $25,000. Quarry LP acquired a new position in Bank of America during the 4th quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc raised its stake in 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 worth $28,000 after buying an additional 504 shares during the period. Livelsberger Financial Advisory acquired a new position in Bank of America during the 4th quarter worth approximately $28,000. Finally, Castleview Partners LLC purchased a new stake in shares of Bank of America in the first quarter worth approximately $28,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.