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

Shares of Bank of America Co. (NYSE:BAC) have been given a consensus recommendation of “Buy” by the twenty-four analysts that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and seventeen have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $44.04.

BAC has been the subject of several recent research reports. Wolfe Research cut shares of Bank of America from an “outperform” rating to a “market perform” rating and set a $44.00 target price for the company. in a report on Wednesday, October 13th. Evercore ISI boosted their price objective on Bank of America from $43.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, October 15th. They noted that the move was a valuation call. Wells Fargo & Company reaffirmed an “overweight” rating and set a $60.00 target price (up from $55.00) on shares of Bank of America in a report on Monday, October 25th. Robert W. Baird downgraded Bank of America from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $47.17 to $42.00 in a report on Monday, November 1st. They noted that the move was a valuation call. Finally, Royal Bank of Canada raised their price objective on shares of Bank of America from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, October 15th.

In other Bank of America news, Director Frank P. Bramble sold 2,200 shares of the stock in a transaction that occurred on Tuesday, November 2nd. The stock was sold at an average price of $48.22, for a total transaction of $106,084.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dean C. Athanasia sold 108,478 shares of the stock in a transaction that occurred on Friday, October 15th. The shares were sold at an average price of $45.77, for a total value of $4,965,038.06. The disclosure for this sale can be found here. Insiders own 0.22% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Newton One Investments LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $29,000. PrairieView Partners LLC increased its holdings in shares of Bank of America by 162.5% in the third quarter. PrairieView Partners LLC now owns 727 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 450 shares during the last quarter. Cowen Prime Advisors LLC acquired a new stake in shares of Bank of America in the second quarter valued at approximately $31,000. Core Alternative Capital acquired a new stake in shares of Bank of America in the third quarter valued at approximately $34,000. Finally, Mascoma Wealth Management LLC acquired a new stake in shares of Bank of America in the third quarter valued at approximately $36,000. 70.67% of the stock is owned by hedge funds and other institutional investors.

Shares of BAC stock traded up $0.13 during trading hours on Thursday, reaching $47.63. 40,059,953 shares of the company’s stock were exchanged, compared to its average volume of 48,298,340. Bank of America has a 1 year low of $28.10 and a 1 year high of $48.69. The stock has a market cap of $389.81 billion, a PE ratio of 14.30, a PEG ratio of 1.86 and a beta of 1.53. The company has a current ratio of 0.74, a quick ratio of 0.73 and a debt-to-equity ratio of 1.12. The stock’s fifty day moving average price is $45.21 and its two-hundred day moving average price is $42.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Thursday, October 14th. The financial services provider reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.14. Bank of America had a net margin of 33.10% and a return on equity of 12.16%. The company had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $21.60 billion. During the same quarter in the prior year, the company earned $0.51 EPS. Bank of America’s quarterly revenue was up 11.9% on a year-over-year basis. On average, equities analysts expect that Bank of America will post 3.49 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 31st. Investors of record on Friday, December 3rd will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, December 2nd. Bank of America’s dividend payout ratio is presently 25.23%.

Bank of America Company Profile

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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