Bank of America Corporation (NYSE:BAC) Upgraded at BidaskClub

BidaskClub upgraded shares of Bank of America Corporation (NYSE:BAC) from a hold rating to a buy rating in a research report released on Friday.

A number of other research analysts have also recently weighed in on BAC. Vetr cut shares of Bank of America Corporation from a buy rating to a hold rating and set a $26.28 price objective for the company. in a research note on Monday, March 13th. Zacks Investment Research cut shares of Bank of America Corporation from a buy rating to a hold rating in a research note on Wednesday, March 15th. Credit Suisse Group raised their price objective on shares of Bank of America Corporation to $27.00 and gave the stock an outperform rating in a research note on Thursday, March 16th. Compass Point cut shares of Bank of America Corporation from a neutral rating to a sell rating and set a $20.00 price objective for the company. in a research note on Thursday, March 16th. Finally, Citigroup Inc. cut shares of Bank of America Corporation from a buy rating to a neutral rating and raised their price objective for the stock from $22.00 to $25.00 in a research note on Tuesday, April 4th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Bank of America Corporation currently has a consensus rating of Buy and a consensus target price of $23.02.

Shares of Bank of America Corporation (NYSE BAC) opened at 24.60 on Friday. The company has a 50-day moving average price of $23.26 and a 200 day moving average price of $23.42. Bank of America Corporation has a 12-month low of $13.11 and a 12-month high of $25.80. The firm has a market capitalization of $258.70 billion, a PE ratio of 15.14 and a beta of 1.27.

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The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 2nd were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 1.22%. The ex-dividend date was Wednesday, May 31st. Bank of America Corporation’s dividend payout ratio (DPR) is 18.99%.

In other news, Director Thomas D. Woods purchased 25,000 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The shares were purchased at an average price of $23.81 per share, with a total value of $595,250.00. Following the purchase, the director now directly owns 40,830 shares of the company’s stock, valued at approximately $972,162.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.18% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in BAC. Armbruster Capital Management Inc. increased its stake in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the period. Empirical Finance LLC purchased a new stake in Bank of America Corporation during the fourth quarter valued at about $103,000. PHH Investments Ltd. purchased a new stake in Bank of America Corporation during the fourth quarter valued at about $103,000. Integrated Investment Consultants LLC increased its stake in Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares during the period. Finally, Tortoise Investment Management LLC increased its stake in Bank of America Corporation by 27.0% in the fourth quarter. Tortoise Investment Management LLC now owns 4,700 shares of the financial services provider’s stock valued at $104,000 after buying an additional 1,000 shares during the period. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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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