Bank of America Co. (NYSE:BAC) Given Consensus Recommendation of “Hold” by Brokerages

Bank of America Co. (NYSE:BAC) has received a consensus recommendation of “Hold” from the sixteen analysts that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $38.29.

Several research analysts have weighed in on BAC shares. Jefferies Financial Group increased their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Wells Fargo & Company increased their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, HSBC reissued a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th.

Bank of America Stock Up 0.4 %

BAC opened at $35.95 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America has a 1-year low of $24.96 and a 1-year high of $38.35. The company has a market capitalization of $283.67 billion, a PE ratio of 11.71, a PEG ratio of 1.63 and a beta of 1.39. The firm’s 50 day simple moving average is $35.48 and its two-hundred day simple moving average is $32.14.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same period last year, the firm earned $0.85 earnings per share. The company’s quarterly revenue was down 10.2% on a year-over-year basis. As a group, equities analysts forecast that Bank of America will post 3.13 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.67%. Bank of America’s payout ratio is currently 31.27%.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of Bank of America in the 4th quarter worth $25,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the 4th quarter worth $28,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 1st quarter worth about $33,000. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth about $25,000. Finally, Criterion Capital Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter worth about $32,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Company Profile

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