Bank of America (NYSE:BAC) Upgraded to Hold at ValuEngine

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Bank of America (NYSE:BAC) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, ValuEngine reports.

BAC has been the topic of several other reports. DZ Bank upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, August 16th. Keefe, Bruyette & Woods lowered shares of Bank of America from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $36.00 to $29.00 in a research note on Thursday, September 5th. Atlantic Securities upgraded shares of Bank of America from a “neutral” rating to an “overweight” rating in a research note on Tuesday, October 22nd. Morgan Stanley cut their price target on shares of Bank of America from $33.00 to $31.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. Finally, Societe Generale lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $32.59.

Shares of BAC traded up $0.03 during midday trading on Friday, reaching $33.26. The stock had a trading volume of 38,313,549 shares, compared to its average volume of 56,181,609. Bank of America has a 1-year low of $22.66 and a 1-year high of $33.60. The company’s fifty day simple moving average is $30.19 and its two-hundred day simple moving average is $29.06. The company has a market cap of $299.18 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.27 and a beta of 1.62. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The firm had revenue of $22.96 billion for the quarter, compared to analyst estimates of $22.73 billion. During the same period last year, the business earned $0.66 EPS. Bank of America’s revenue for the quarter was up .3% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America will post 2.89 earnings per share for the current year.

In other Bank of America news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Frank P. Bramble sold 6,500 shares of Bank of America stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $31.33, for a total transaction of $203,645.00. Following the completion of the transaction, the director now owns 50,000 shares in the company, valued at $1,566,500. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,870 shares of company stock worth $1,476,104. 0.17% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of Bank of America by 41.7% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 55,924 shares of the financial services provider’s stock valued at $1,622,000 after acquiring an additional 16,465 shares in the last quarter. First Bank & Trust boosted its holdings in shares of Bank of America by 16.6% in the second quarter. First Bank & Trust now owns 4,623 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 657 shares in the last quarter. Coastal Capital Group Inc. boosted its holdings in shares of Bank of America by 7.0% in the second quarter. Coastal Capital Group Inc. now owns 14,782 shares of the financial services provider’s stock valued at $429,000 after acquiring an additional 966 shares in the last quarter. Geneva Partners LLC boosted its holdings in shares of Bank of America by 51.7% in the second quarter. Geneva Partners LLC now owns 119,436 shares of the financial services provider’s stock valued at $3,464,000 after acquiring an additional 40,711 shares in the last quarter. Finally, Girard Partners LTD. boosted its holdings in shares of Bank of America by 70.7% in the second quarter. Girard Partners LTD. now owns 188,304 shares of the financial services provider’s stock valued at $5,460,000 after acquiring an additional 77,997 shares in the last quarter. Institutional investors own 70.75% of the company’s stock.

About Bank of America

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Bank of America (NYSE:BAC)

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