Bank of America Co. (NYSE:BAC) Receives Consensus “Moderate Buy” Recommendation from Analysts

Shares of Bank of America Co. (NYSE:BAC) received a consensus “moderate buy” rating from the twenty research companies that currently cover the business, Marketbeat reports. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The 12-month average price target among brokers who updated their coverage on the stock in the past year is $46.58.

The BAC has been the subject of several reports by research analysts. Jefferies Financial Group reduced its target price on Bank of America from $43.00 to $33.00 in a Monday, July 11 research report. Credit Suisse Group cut its price target on Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a Tuesday, July 19 report. Piper Sandler cut her price target on Bank of America from $51.00 to $47.00 and set an “overweight” rating on the stock in a Friday, July 1 report. Morgan Stanley lowered its price target on Bank of America from $47.00 to $40.00 and set an “equal weight” rating for the company in a Tuesday, July 12 research note. Finally, Royal Bank of Canada lowered its price target on Bank of America from $45.00 to $40.00 in a Tuesday, July 19 research note.

Bank of America price performance

BAC shares opened at $34.00 on Wednesday. Bank of America has a 12-month low of $29.67 and a 12-month high of $50.11. The company has a 50-day simple moving average of $33.76 and a two-hundred-day simple moving average of $36.19. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt ratio of 1.15. The stock has a market capitalization of $273.20 billion, a PE ratio of 10.63, a PEG ratio of 1.56 and a beta of 1.37.

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Bank of America (NYSE: BAC – Get a rating) last released its quarterly results on Monday, July 18. The financial services provider reported earnings per share of $0.73 for the quarter, missing the consensus estimate of $0.77 per ($0.04). The company posted revenue of $22.69 billion in the quarter, compared to analyst estimates of $22.79 billion. Bank of America had a net margin of 28.89% and a return on equity of 11.51%. The company’s quarterly revenue increased 5.7% year over year. During the same period a year earlier, the company posted EPS of $1.03. Analysts expect Bank of America to post earnings per share of 3.2 for the current fiscal year.

Bank of America increases its dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30. Shareholders of record on Friday, September 2 will receive a dividend of $0.22. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Thursday, September 1. Bank of America’s dividend payout ratio (DPR) is currently 27.50%.

Hedge funds weigh on Bank of America

A number of large investors have recently changed their positions in BAC. Gryphon Financial Partners LLC increased its stake in Bank of America by 4.0% during the first quarter. Gryphon Financial Partners LLC now owns 10,805 shares of the financial services provider worth $445,000 after buying 419 additional shares in the last quarter. RDA Financial Network increased its position in Bank of America by 22.5% in the 1st quarter. RDA Financial Network now owns 17,789 shares of the financial services provider valued at $733,000 after acquiring 3,269 additional shares last quarter. Vestmark Advisory Solutions Inc. increased its stake in Bank of America by 6.7% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 189,342 shares of the financial services provider valued at $7,805,000 after buying an additional 11,847 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in Bank of America during the 1st quarter for a value of $13,302,000. Finally, Bath Savings Trust Co increased its stake in Bank of America by 33.0% during the 1st quarter. Bath Savings Trust Co now owns 12,698 shares of the financial services provider valued at $523,000 after buying 3,148 additional shares in the last quarter. 68.48% of the shares are held by institutional investors.

Bank of America Company Profile

(Get a rating)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individuals, small and medium-sized businesses, institutional investors, large corporations and governments worldwide. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, interest-free 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 car loans, recreational vehicles and personal consumer loans.

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Analyst Recommendations for Bank of America (NYSE: BAC)

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