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.
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
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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