Bank of America Corporation (NYSE:BAC) – Stock analysts at Oppenheimer Holdings decreased their FY2017 earnings estimates for Bank of America Corporation in a research report issued to clients and investors on Sunday. Oppenheimer Holdings analyst C. Kotowski now anticipates that the financial services provider will post earnings per share of $1.80 for the year, down from their previous estimate of $1.82. Oppenheimer Holdings currently has a “Outperform” rating on the stock.
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A number of other research firms also recently issued reports on BAC. Credit Suisse Group boosted their price target on Bank of America Corporation to $27.00 and gave the company an “outperform” rating in a research report on Thursday, March 16th. Compass Point downgraded Bank of America Corporation from a “neutral” rating to a “sell” rating and set a $20.00 price target for the company. in a report on Thursday, March 16th. Zacks Investment Research raised Bank of America Corporation from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a report on Tuesday, March 21st. Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.88 price objective on the stock in a research note on Tuesday, March 21st. Finally, Citigroup Inc. cut Bank of America Corporation from a “buy” rating to a “neutral” rating and increased their price target for the stock from $22.00 to $25.00 in a research report on Tuesday, April 4th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Bank of America Corporation presently has a consensus rating of “Buy” and an average price target of $23.03.
Bank of America Corporation (NYSE BAC) traded down 1.99% during trading on Wednesday, reaching $24.13. 50,628,388 shares of the company’s stock were exchanged. Bank of America Corporation has a 12-month low of $13.11 and a 12-month high of $25.80. The company has a market cap of $253.76 billion, a P/E ratio of 14.85 and a beta of 1.27. The stock’s 50-day moving average is $23.26 and its 200-day moving average is $23.42.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 2nd were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend was Wednesday, May 31st. Bank of America Corporation’s payout ratio is 18.99%.
In other news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction dated Thursday, April 27th. The stock was bought at an average price of $23.81 per share, for a total transaction of $595,250.00. Following the completion of the purchase, the director now 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 available through the SEC website. 0.18% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Dodge & Cox purchased a new position in shares of Bank of America Corporation during the fourth quarter valued at about $4,159,570,000. Norges Bank bought a new position in shares of Bank of America Corporation during the fourth quarter worth $2,256,221,000. Lansdowne Partners UK LLP raised its position in shares of Bank of America Corporation by 38,029.0% in the fourth quarter. Lansdowne Partners UK LLP now owns 30,503,227 shares of the financial services provider’s stock worth $674,141,000 after buying an additional 30,423,227 shares during the last quarter. Lone Pine Capital LLC bought a new position in shares of Bank of America Corporation during the fourth quarter worth $478,937,000. Finally, UBS Asset Management Americas Inc. raised its position in shares of Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock worth $933,718,000 after buying an additional 8,595,423 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.
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.
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