Bank of America Corporation (NYSE:BAC) Cut to Buy at BidaskClub

Bank of America Corporation (NYSE:BAC) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Thursday, November 9th.

BAC has been the topic of several other research reports. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $30.00 price target (up previously from $29.00) on shares of Bank of America in a research note on Friday, July 21st. BMO Capital Markets restated a “market perform” rating and set a $29.00 price target (up previously from $27.00) on shares of Bank of America in a research note on Monday, October 16th. UBS AG set a $27.00 price target on Bank of America and gave the company a “hold” rating in a research note on Monday, October 16th. Vetr upgraded Bank of America from a “sell” rating to a “hold” rating and set a $23.99 price target on the stock in a research note on Friday, July 14th. Finally, Wells Fargo & Company started coverage on Bank of America in a research note on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $25.82.

Shares of Bank of America (NYSE:BAC) opened at $26.59 on Thursday. Bank of America has a 52-week low of $20.25 and a 52-week high of $27.98. The firm has a market capitalization of $277,349.94, a price-to-earnings ratio of 15.19, a PEG ratio of 1.84 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. Bank of America had a return on equity of 8.33% and a net margin of 20.66%. The business had revenue of $22.08 billion during the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. equities research analysts predict that Bank of America will post 1.81 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the stock. Crestwood Advisors Group LLC lifted its holdings in Bank of America by 0.5% in the third quarter. Crestwood Advisors Group LLC now owns 880,614 shares of the financial services provider’s stock valued at $22,315,000 after acquiring an additional 4,064 shares during the period. Orleans Capital Management Corp LA lifted its holdings in Bank of America by 57.7% in the third quarter. Orleans Capital Management Corp LA now owns 32,525 shares of the financial services provider’s stock valued at $824,000 after acquiring an additional 11,900 shares during the period. GSA Capital Partners LLP acquired a new position in Bank of America in the third quarter valued at approximately $1,676,000. Coastline Trust Co lifted its holdings in Bank of America by 25.1% in the third quarter. Coastline Trust Co now owns 47,892 shares of the financial services provider’s stock valued at $1,213,000 after acquiring an additional 9,610 shares during the period. Finally, Smith Shellnut Wilson LLC ADV purchased a new stake in shares of Bank of America in the third quarter valued at approximately $1,476,000. 62.04% of the stock is owned by hedge funds and other institutional investors.

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Bank of America Company Profile

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 (NYSE:BAC)

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