Bank of America (NYSE:BAC) Lifted to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Bank of America (NYSE:BAC) from a market perform rating to an outperform rating in a report issued on Friday morning, MarketBeat.com reports. They currently have $46.00 target price on the financial services provider’s stock, up from their prior target price of $37.00.

Other research analysts have also recently issued reports about the stock. Erste Group Bank upgraded shares of Bank of America from a hold rating to a buy rating in a research report on Wednesday, April 3rd. Jefferies Financial Group lifted their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a hold rating in a research report on Monday, April 8th. BMO Capital Markets upped their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a market perform rating in a research report on Thursday, April 18th. Piper Sandler lifted their price objective on Bank of America from $35.00 to $37.00 and gave the stock an underweight rating in a report on Tuesday, June 4th. Finally, Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $39.79.

Check Out Our Latest Report on Bank of America

Bank of America Trading Down 0.1 %

Shares of Bank of America stock opened at $39.24 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America has a 52 week low of $24.96 and a 52 week high of $40.19. The stock has a 50 day moving average price of $38.23 and a two-hundred day moving average price of $35.51. The stock has a market capitalization of $306.87 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 1.74 and a beta of 1.36.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the firm earned $0.94 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Institutional Trading of Bank of America

Several institutional investors and hedge funds have recently made changes to their positions in BAC. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the third quarter valued at about $25,000. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares during the period. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $28,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $32,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the first quarter worth $33,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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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