Bank of America Corporation (BAC) Stock Rating Lowered by BidaskClub

BidaskClub downgraded shares of Bank of America Corporation (NYSE:BAC) from a strong-buy rating to a buy rating in a report released on Thursday morning.

Several other analysts have also weighed in on BAC. Vetr lowered shares of Bank of America Corporation from a hold rating to a sell rating and set a $26.67 price objective for the company. in a report on Monday, November 6th. Robert W. Baird reaffirmed a hold rating and set a $24.00 price objective on shares of Bank of America Corporation in a report on Sunday, October 1st. Deutsche Bank AG reaffirmed a hold rating and set a $25.00 price objective (up previously from $23.00) on shares of Bank of America Corporation in a report on Tuesday, September 26th. Jefferies Group LLC reaffirmed a buy rating and set a $28.00 price objective on shares of Bank of America Corporation in a report on Friday, August 11th. Finally, J P Morgan Chase & Co raised their price objective on shares of Bank of America Corporation from $27.50 to $28.50 and gave the stock an overweight rating in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of C$25.82.

Bank of America Corporation (NYSE BAC) traded up C$0.01 during midday trading on Thursday, hitting C$26.51. 61,110,000 shares of the stock traded hands, compared to its average volume of 65,188,076. The firm has a market capitalization of $276,515.47, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.91. Bank of America Corporation has a 12 month low of C$18.63 and a 12 month high of C$27.98.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The bank reported C$0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.46 by C$0.02. The company had revenue of C$22.08 billion during the quarter, compared to analyst estimates of C$22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. research analysts expect that Bank of America Corporation will post 1.8 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.81%. Bank of America Corporation’s dividend payout ratio is currently 27.43%.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Janus Henderson Group PLC increased its stake in Bank of America Corporation by 587.0% in the 2nd quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the bank’s stock valued at $329,911,000 after buying an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Bank of America Corporation by 27.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the bank’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. increased its stake in Bank of America Corporation by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the bank’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC increased its stake in Bank of America Corporation by 52.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the bank’s stock valued at $582,536,000 after buying an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD increased its stake in Bank of America Corporation by 68.6% in the 2nd quarter. Investec Asset Management LTD now owns 17,772,325 shares of the bank’s stock valued at $431,157,000 after buying an additional 7,231,615 shares during the last quarter. 62.34% of the stock is currently owned by institutional investors and hedge funds.

About Bank of America Corporation

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.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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