Bank of America (NYSE:BAC) Price Target Increased to $37.00 by Analysts at BMO Capital Markets

Bank of America (NYSE:BAC) had its price objective boosted by BMO Capital Markets from $36.00 to $37.00 in a research report report published on Thursday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the financial services provider’s stock.

Several other equities analysts have also issued reports on the company. Barclays lifted their target price on Bank of America from $39.00 to $43.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. Erste Group Bank upgraded Bank of America from a hold rating to a buy rating in a research note on Wednesday, April 3rd. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Odeon Capital Group downgraded Bank of America from a buy rating to a hold rating and set a $33.90 target price for the company. in a report on Tuesday, January 16th. Finally, HSBC reaffirmed a hold rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of Hold and a consensus price target of $38.53.

Get Our Latest Analysis on Bank of America

Bank of America Stock Up 3.4 %

NYSE:BAC opened at $36.97 on Thursday. Bank of America has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a market cap of $291.72 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The stock has a fifty day simple moving average of $35.68 and a 200-day simple moving average of $32.40. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BACGet Free Report) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. Analysts anticipate that Bank of America will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Roundview Capital LLC increased its position in shares of Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P grew its holdings in Bank of America by 150.3% in the 1st quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after buying an additional 1,192 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Bank of America by 4.2% in the 1st quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank purchased a new stake in Bank of America in the 1st quarter valued at $586,000. Finally, Pearl River Capital LLC purchased a new stake in Bank of America in the 1st quarter valued at $534,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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