Brokerages Set Bank of America Co. (NYSE:BAC) Price Target at $47.50

Bank of America Co. (NYSE:BAC) has received an average rating of “Moderate Buy” from the twenty-four research firms that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $47.50.

Several brokerages recently commented on BAC. HSBC upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. Barclays boosted their target price on shares of Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial started coverage on Bank of America in a research report on Tuesday, January 7th. They set a “buy” rating and a $52.00 target price for the company. Finally, Wells Fargo & Company upped their target price on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in Bank of America during the 2nd quarter worth $27,000. Kennebec Savings Bank purchased a new stake in Bank of America during the 3rd quarter valued at approximately $29,000. Highline Wealth Partners LLC grew its stake in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Christopher J. Hasenberg Inc increased its holdings in shares of Bank of America by 525.9% in the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 852 shares during the period. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the third quarter worth $45,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.0 %

Shares of NYSE BAC opened at $45.09 on Friday. The company’s 50 day simple moving average is $45.61 and its 200 day simple moving average is $42.27. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. Bank of America has a fifty-two week low of $31.27 and a fifty-two week high of $48.08. The firm has a market capitalization of $345.97 billion, a P/E ratio of 16.40, a P/E/G ratio of 1.55 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. On average, analysts predict that Bank of America will post 3.27 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, December 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, December 6th. Bank of America’s dividend payout ratio is presently 37.82%.

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.