Bank of America Corporation (NYSE:BAC) Upgraded by Vetr Inc. to “Hold”

Bank of America Corporation (NYSE:BAC) was upgraded by stock analysts at Vetr from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, October 9th. The firm presently has a $25.61 price objective on the financial services provider’s stock. Vetr‘s price target suggests a potential downside of 5.74% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Instinet restated a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a report on Saturday, July 22nd. Buckingham Research reiterated a “buy” rating and issued a $30.00 target price (up previously from $27.00) on shares of Bank of America Corporation in a research note on Monday, July 10th. Jefferies Group LLC reiterated a “buy” rating on shares of Bank of America Corporation in a research note on Friday, July 7th. BidaskClub upgraded shares of Bank of America Corporation from a “hold” rating to a “buy” rating in a research note on Friday, July 7th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $26.00 target price on shares of Bank of America Corporation in a research note on Thursday, July 20th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the stock. Bank of America Corporation presently has a consensus rating of “Buy” and an average price target of $25.47.

Shares of Bank of America Corporation (NYSE BAC) traded up 2.22% during mid-day trading on Monday, hitting $27.17. The company’s stock had a trading volume of 83,764,655 shares. Bank of America Corporation has a 1-year low of $16.28 and a 1-year high of $27.18. The company has a 50-day moving average of $25.10 and a 200 day moving average of $24.04. The company has a market cap of $285.73 billion, a price-to-earnings ratio of 15.55 and a beta of 1.25.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share. On average, analysts expect that Bank of America Corporation will post $1.82 EPS for the current year.

Bank of America Corporation declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

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In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.18% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Bank of America Corporation by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares during the period. Korea Investment CORP grew its position in shares of Bank of America Corporation by 0.5% in the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after buying an additional 390,771 shares during the last quarter. Boston Partners grew its position in shares of Bank of America Corporation by 0.5% in the 1st quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after buying an additional 368,898 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Bank of America Corporation by 1.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after buying an additional 1,079,788 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Bank of America Corporation by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after buying an additional 1,007,405 shares during the last quarter. 61.61% of the stock is currently owned by institutional investors and hedge funds.

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.

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

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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