Bank of America Co. (NYSE:BAC) Receives $48.45 Average PT from Brokerages

Shares of Bank of America Co. (NYSE:BAC) have received an average rating of “Moderate Buy” from the twenty-five brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $48.45.

Several equities research analysts have commented on the stock. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Truist Financial raised their price objective on shares of Bank of America from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Evercore ISI dropped their target price on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Finally, Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th.

Bank of America Trading Up 1.3 %

NYSE:BAC opened at $41.80 on Thursday. The firm’s 50 day moving average is $44.35 and its 200 day moving average is $43.95. Bank of America has a 12 month low of $34.15 and a 12 month high of $48.08. The stock has a market capitalization of $317.80 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. Sell-side analysts expect that Bank of America will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Hedge Funds Weigh In On Bank of America

A number of large investors have recently modified their holdings of the company. Lederer & Associates Investment Counsel CA increased its stake in Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the period. Avalon Trust Co raised its holdings in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC lifted its position in shares of Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 220 shares during the period. Marino Stram & Associates LLC boosted its stake in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after purchasing an additional 222 shares in the last quarter. Finally, Keudell Morrison Wealth Management grew its holdings in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.