Bank of America Co. (NYSE:BAC) Receives Consensus Rating of “Buy” from Brokerages

Shares of Bank of America Co. (NYSE:BAC) have been assigned a consensus rating of “Buy” from the twenty-three brokerages that are presently covering the firm, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $50.41.

Several research firms have recently issued reports on BAC. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $52.50 to $53.50 in a research report on Thursday, February 3rd. Morgan Stanley upgraded shares of Bank of America from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $51.00 to $49.00 in a research report on Monday, March 28th. BMO Capital Markets reduced their price objective on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 19th. Zacks Investment Research cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $51.00 price objective on the stock. in a research report on Monday, February 7th. Finally, Robert W. Baird upgraded shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price objective on the stock in a research report on Tuesday, March 8th.

NYSE BAC opened at $35.57 on Thursday. Bank of America has a 12 month low of $35.18 and a 12 month high of $50.11. The stock has a market cap of $286.58 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 1.63 and a beta of 1.39. The company’s 50 day moving average is $39.75 and its two-hundred day moving average is $43.94. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.16.

Bank of America (NYSE:BACGet Rating) last released its earnings results on Monday, April 18th. The financial services provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.01. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The company had revenue of $23.20 billion for the quarter, compared to analysts’ expectations of $23.09 billion. During the same quarter last year, the business earned $0.86 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of America will post 3.28 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Friday, June 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.36%. The ex-dividend date is Thursday, June 2nd. Bank of America’s payout ratio is 24.00%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Abundance Wealth Counselors purchased a new position in Bank of America during the fourth quarter worth $1,882,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Bank of America by 5.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 560,800 shares of the financial services provider’s stock valued at $23,806,000 after purchasing an additional 29,795 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Bank of America by 30.9% during the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 787,624 shares of the financial services provider’s stock valued at $33,502,000 after purchasing an additional 186,131 shares during the period. Beacon Pointe Advisors LLC boosted its stake in shares of Bank of America by 7.2% during the third quarter. Beacon Pointe Advisors LLC now owns 432,566 shares of the financial services provider’s stock valued at $18,362,000 after purchasing an additional 29,140 shares during the period. Finally, Richard P Slaughter Associates Inc boosted its stake in shares of Bank of America by 0.8% during the fourth quarter. Richard P Slaughter Associates Inc now owns 73,899 shares of the financial services provider’s stock valued at $3,287,000 after purchasing an additional 615 shares during the period. 70.46% of the stock is owned by institutional investors.

Bank of America Company Profile (Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

Further Reading

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.