Vetr lowered shares of Bank of America Corporation (NYSE:BAC) from a hold rating to a sell rating in a report issued on Monday, November 6th. The brokerage currently has $26.67 price objective on the financial services provider’s stock.
A number of other equities research analysts also recently commented on the company. J P Morgan Chase & Co upped their price objective on Bank of America from $27.50 to $28.50 and gave the company an overweight rating in a report on Wednesday, November 1st. BidaskClub upgraded Bank of America from a buy rating to a strong-buy rating in a report on Monday, October 23rd. UBS AG set a $27.00 price objective on Bank of America and gave the company a hold rating in a report on Monday, October 16th. Nomura upped their price objective on Bank of America from $28.00 to $30.00 and gave the company a buy rating in a report on Monday, October 16th. Finally, BMO Capital Markets reiterated a market perform rating and issued a $29.00 price objective (up previously from $27.00) on shares of Bank of America in a report on Monday, October 16th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $25.82.
Shares of Bank of America (BAC) traded down $0.06 on Monday, hitting $26.59. The stock had a trading volume of 14,270,000 shares, compared to its average volume of 63,250,000. The firm has a market capitalization of $276,620.00, a price-to-earnings ratio of 15.23, a PEG ratio of 1.84 and a beta of 1.31. 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 has a twelve month low of $20.20 and a twelve month high of $27.98.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.81%. Bank of America’s payout ratio is presently 27.91%.
Large investors have recently bought and sold shares of the stock. Northwest Investment Counselors LLC bought a new position in shares of Bank of America during the second quarter worth about $100,000. Armbruster Capital Management Inc. boosted its position in Bank of America by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in Bank of America by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the last quarter. Burt Wealth Advisors boosted its position in Bank of America by 4,013.1% during the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the last quarter. Finally, MPS Loria Financial Planners LLC acquired a new position in Bank of America during the second quarter valued at approximately $115,000. Institutional investors and hedge funds own 62.04% of the company’s stock.
About Bank of America
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.
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