Bank of America Corporation (NYSE:BAC) Downgraded by BidaskClub to Buy

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

BAC has been the subject of several other research reports. Keefe, Bruyette & Woods reissued an “overweight” rating on shares of Bank of America Corporation in a report on Thursday, July 13th. Vetr raised Bank of America Corporation from a “sell” rating to a “hold” rating and set a $23.99 target price for the company in a report on Friday, July 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $26.00 target price on shares of Bank of America Corporation in a report on Thursday, July 20th. UBS AG reaffirmed a “neutral” rating and set a $26.00 target price on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and three have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $25.82.

Bank of America Corporation (NYSE:BAC) traded up $0.01 during midday trading on Thursday, hitting $26.75. The stock had a trading volume of 24,926,110 shares, compared to its average volume of 79,497,969. The company has a market cap of $279,230.00, a PE ratio of 15.21, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31. Bank of America Corporation has a 12 month low of $20.01 and a 12 month high of $27.98. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The company had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 EPS. equities research analysts forecast that Bank of America Corporation will post 1.8 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Crestwood Advisors Group LLC raised its stake in shares of Bank of America Corporation by 0.5% in the third quarter. Crestwood Advisors Group LLC now owns 880,614 shares of the financial services provider’s stock worth $22,315,000 after buying an additional 4,064 shares during the period. Orleans Capital Management Corp LA raised its stake in shares of Bank of America Corporation by 57.7% in the third quarter. Orleans Capital Management Corp LA now owns 32,525 shares of the financial services provider’s stock worth $824,000 after buying an additional 11,900 shares during the period. GSA Capital Partners LLP bought a new position in shares of Bank of America Corporation in the third quarter worth about $1,676,000. Coastline Trust Co raised its stake in shares of Bank of America Corporation by 25.1% in the third quarter. Coastline Trust Co now owns 47,892 shares of the financial services provider’s stock worth $1,213,000 after buying an additional 9,610 shares during the period. Finally, Smith Shellnut Wilson LLC ADV bought a new position in shares of Bank of America Corporation in the third quarter worth about $1,476,000. 62.04% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Corporation 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 Corporation (NYSE:BAC)

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