Bank of America Co. (NYSE:BAC) Given Average Recommendation of “Moderate Buy” by Brokerages

Bank of America Co. (NYSE:BAC) has earned a consensus rating of “Moderate Buy” from the twenty-seven ratings firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $47.50.

A number of analysts recently issued reports on BAC shares. Truist Financial lowered their price target on shares of Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Finally, Cowen initiated coverage on Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating on the stock.

Bank of America Stock Performance

NYSE BAC opened at $44.93 on Tuesday. The firm has a market capitalization of $338.41 billion, a P/E ratio of 13.95, a PEG ratio of 1.21 and a beta of 1.30. The stock has a 50-day simple moving average of $40.78 and a two-hundred day simple moving average of $43.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, equities analysts forecast that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Hedge Funds Weigh In On Bank of America

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAC. Collier Financial acquired a new stake in Bank of America during the fourth quarter worth about $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter valued at approximately $29,000. Finally, Vega Investment Solutions acquired a new position in Bank of America in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.