Vetr downgraded shares of Bank of America (NYSE:BAC) from a buy rating to a hold rating in a report issued on Monday. They currently have $34.13 price target on the financial services provider’s stock.
A number of other equities analysts have also weighed in on BAC. Societe Generale lowered shares of Bank of America from a buy rating to a hold rating in a research note on Tuesday, January 9th. ValuEngine raised shares of Bank of America from a hold rating to a buy rating in a research note on Friday, February 2nd. Vining Sparks reaffirmed a buy rating and issued a $34.00 target price on shares of Bank of America in a research note on Wednesday, January 17th. Morgan Stanley upped their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an overweight rating in a research note on Friday, February 2nd. Finally, BMO Capital Markets upped their target price on shares of Bank of America to $34.00 and gave the stock an average rating in a research note on Thursday, January 18th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the company. Bank of America presently has a consensus rating of Buy and a consensus target price of $30.35.
Bank of America (NYSE BAC) opened at $32.14 on Monday. The stock has a market cap of $329,230.00, a price-to-earnings ratio of 18.47, a PEG ratio of 1.67 and a beta of 1.36. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $33.05.
Bank of America announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.49%. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.
Several hedge funds have recently modified their holdings of BAC. Beach Investment Management LLC. raised its holdings in shares of Bank of America by 851.6% in the 2nd quarter. Beach Investment Management LLC. now owns 880,908 shares of the financial services provider’s stock valued at $21,371,000 after purchasing an additional 788,338 shares during the period. Cedar Capital LLC raised its holdings in shares of Bank of America by 39.8% in the 2nd quarter. Cedar Capital LLC now owns 12,768 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 3,635 shares during the period. Sawtooth Solutions LLC raised its holdings in shares of Bank of America by 19.8% in the 2nd quarter. Sawtooth Solutions LLC now owns 23,401 shares of the financial services provider’s stock valued at $568,000 after purchasing an additional 3,863 shares during the period. Todd Asset Management LLC bought a new stake in shares of Bank of America in the 2nd quarter valued at about $23,869,000. Finally, Pinnacle Associates Ltd. raised its holdings in shares of Bank of America by 1.6% in the 2nd quarter. Pinnacle Associates Ltd. now owns 554,968 shares of the financial services provider’s stock valued at $13,464,000 after purchasing an additional 8,776 shares during the period. 69.92% of the stock is currently owned by institutional investors.
ILLEGAL ACTIVITY WARNING: “Vetr Lowers Bank of America (BAC) to Hold” was originally posted by BBNS and is the sole property of of BBNS. If you are reading this news story on another site, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this news story can be viewed at https://baseballnewssource.com/2018/03/15/vetr-lowers-bank-of-america-bac-to-hold/2035219.html.
About Bank of America
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
To view Vetr’s full report, visit Vetr’s official website.
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.