HSBC Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price target boosted by HSBC from $51.00 to $53.00 in a research note published on Thursday,MarketScreener reports. The firm currently has a hold rating on the financial services provider’s stock.

BAC has been the subject of a number of other research reports. Baird R W cut Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. Wall Street Zen upgraded Bank of America from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Oppenheimer reduced their price target on Bank of America from $57.00 to $56.00 and set an “outperform” rating for the company in a research report on Tuesday, September 23rd. Royal Bank Of Canada upped their price target on Bank of America from $53.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Robert W. Baird restated a “neutral” rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Seventeen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.88.

Bank of America Stock Down 0.5%

Bank of America stock opened at $50.44 on Thursday. The stock has a market cap of $373.57 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 1.97 and a beta of 1.33. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.79 and a current ratio of 0.80. Bank of America has a one year low of $33.06 and a one year high of $52.88. The stock has a fifty day moving average of $49.33 and a 200 day moving average of $45.19.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%.The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 earnings per share. As a group, sell-side analysts predict that Bank of America will post 3.7 EPS for the current year.

Bank of America declared that its Board of Directors has approved a share repurchase plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Bank of America Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 5th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from Bank of America’s previous quarterly dividend of $0.26. This represents a $1.12 dividend on an annualized basis and a yield of 2.2%. Bank of America’s dividend payout ratio is currently 32.75%.

Insider Buying and Selling

In related news, insider James P. Demare sold 148,391 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $45.57, for a total transaction of $6,762,177.87. Following the completion of the transaction, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Bank of America

Institutional investors have recently modified their holdings of the stock. Nicholas Hoffman & Company LLC. raised its holdings in shares of Bank of America by 121.0% in the first quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after buying an additional 33,963 shares during the period. Prosperity Wealth Management Inc. purchased a new stake in shares of Bank of America in the first quarter worth approximately $998,000. Alpha Cubed Investments LLC raised its holdings in shares of Bank of America by 37.2% in the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider’s stock worth $2,714,000 after buying an additional 17,619 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Bank of America by 170.5% in the first quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider’s stock worth $9,951,000 after buying an additional 150,299 shares during the period. Finally, Commerce Bank raised its holdings in shares of Bank of America by 2.3% in the first quarter. Commerce Bank now owns 1,124,755 shares of the financial services provider’s stock worth $46,936,000 after buying an additional 25,618 shares during the period. 70.71% 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.