Vetr Inc. Downgrades Bank of America Corporation (BAC) to Sell

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.

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

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.

TRADEMARK VIOLATION NOTICE: This article was first published by BBNS and is the property of of BBNS. If you are accessing this article on another publication, it was illegally stolen and republished in violation of US and international trademark and copyright legislation. The original version of this article can be viewed at https://baseballnewssource.com/markets/bank-of-america-corporation-bac-stock-rating-lowered-by-vetr-inc/1761723.html.

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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Bank of America (NYSE:BAC)

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with our FREE daily email newsletter.

 


Latest News

Tigers Trade Ian Kinsler to Angels for Pair of Minor Leaguers
Tigers Trade Ian Kinsler to Angels for Pair of Minor Leaguers
Manny Machado Could Change Positions or Uniforms
Manny Machado Could Change Positions or Uniforms
Jack Morris, Alan Trammel Voted by Modern Era Committee into Hall of Fame
Jack Morris, Alan Trammel Voted by Modern Era Committee into Hall of Fame
Yankees and Marlins Continue Stanton Trade Talks
Yankees and Marlins Continue Stanton Trade Talks
Marlins Making Moves, Trade Dee Gordon to Seattle
Marlins Making Moves, Trade Dee Gordon to Seattle
Report: Astros Dallas Keuchel Pitched With Injured Foot
Report: Astros Dallas Keuchel Pitched With Injured Foot


Leave a Reply

 
© 2006-2017 BBNS.