Bank of America (NYSE:BAC) Upgraded to “Neutral” by Piper Sandler

Piper Sandler upgraded shares of Bank of America (NYSE:BAC) from an underweight rating to a neutral rating in a report issued on Tuesday morning, MarketBeat.com reports. They currently have $42.00 price objective on the financial services provider’s stock, up from their prior price objective of $37.00.

BAC has been the topic of a number of other reports. UBS Group restated a neutral rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an overweight rating in a report on Wednesday, May 1st. Keefe, Bruyette & Woods raised Bank of America from a market perform rating to an outperform rating and increased their price target for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Wells Fargo & Company boosted their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an overweight rating in a research note on Thursday, March 28th. Finally, Evercore ISI increased their price target on shares of Bank of America from $41.00 to $43.00 and gave the company an outperform rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of Moderate Buy and an average target price of $40.41.

Bank of America Stock Up 0.2 %

BAC stock opened at $41.81 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a twelve month low of $24.96 and a twelve month high of $41.90. The business’s 50-day moving average price is $39.51 and its 200-day moving average price is $36.56. The stock has a market cap of $326.97 billion, a P/E ratio of 14.47, a PEG ratio of 1.55 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. On average, equities research analysts forecast that Bank of America will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s payout ratio is currently 33.22%.

Institutional Investors Weigh In On Bank of America

Several hedge funds have recently bought and sold shares of the stock. Harbour Investments Inc. increased its stake in shares of Bank of America by 5.7% during the third quarter. Harbour Investments Inc. now owns 16,829 shares of the financial services provider’s stock worth $461,000 after purchasing an additional 901 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in Bank of America in the third quarter valued at approximately $527,000. ASB Consultores LLC grew its holdings in shares of Bank of America by 65.7% during the 3rd quarter. ASB Consultores LLC now owns 16,450 shares of the financial services provider’s stock worth $450,000 after purchasing an additional 6,522 shares during the period. Modera Wealth Management LLC increased its position in shares of Bank of America by 4.8% during the third quarter. Modera Wealth Management LLC now owns 87,590 shares of the financial services provider’s stock valued at $2,398,000 after acquiring an additional 3,975 shares during the last quarter. Finally, Fidelity D & D Bancorp Inc. purchased a new stake in Bank of America in the third quarter valued at approximately $204,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

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.