Bank of America (BAC) Downgraded to “Hold” at ValuEngine

ValuEngine lowered shares of Bank of America (NYSE:BAC) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

Several other research analysts also recently weighed in on BAC. Robert W. Baird restated a hold rating and set a $24.00 price target on shares of Bank of America in a research report on Sunday, October 1st. Vetr downgraded shares of Bank of America from a strong-buy rating to a buy rating and set a $33.89 price target for the company. in a research report on Wednesday, January 10th. Deutsche Bank restated a hold rating and set a $25.00 price target (up previously from $23.00) on shares of Bank of America in a research report on Tuesday, September 26th. BidaskClub upgraded shares of Bank of America from a sell rating to a hold rating in a research report on Friday, September 22nd. Finally, BMO Capital Markets restated a hold rating and set a $31.00 price target on shares of Bank of America in a research report on Monday, January 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Bank of America has a consensus rating of Buy and a consensus price target of $29.14.

Bank of America (NYSE:BAC) traded down $0.09 during mid-day trading on Tuesday, hitting $31.15. 107,415,048 shares of the stock traded hands, compared to its average volume of 65,399,992. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. Bank of America has a twelve month low of $22.01 and a twelve month high of $31.79. The stock has a market cap of $325,020.00, a price-to-earnings ratio of 18.11, a P/E/G ratio of 1.70 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.03. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same period in the prior year, the company posted $0.40 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. research analysts expect that Bank of America will post 1.79 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were issued a $0.12 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.54%. Bank of America’s payout ratio is 27.91%.

Bank of America announced that its board has approved a share buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Hedge funds have recently added to or reduced their stakes in the business. Gateway Advisory LLC increased its holdings in shares of Bank of America by 0.4% during the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after buying an additional 45 shares during the last quarter. Arbor Investment Advisors LLC boosted its position in shares of Bank of America by 0.3% during the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 46 shares during the period. Lbmc Investment Advisors LLC boosted its position in shares of Bank of America by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 51 shares during the period. TCI Wealth Advisors Inc. boosted its position in shares of Bank of America by 0.4% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 54 shares during the period. Finally, Altavista Wealth Management Inc. boosted its position in shares of Bank of America by 0.7% during the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after purchasing an additional 68 shares during the period. Institutional investors own 68.46% of the company’s stock.

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Bank of America Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Analyst Recommendations for Bank of America (NYSE:BAC)

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