Bank of America Co. (NYSE:BAC) Receives $39.79 Consensus Price Target from Analysts

Shares of Bank of America Co. (NYSE:BAC) have been assigned an average recommendation of "Moderate Buy" from the eighteen research firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $39.79.

Several analysts have recently issued reports on BAC shares. StockNews.com downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Monday, May 20th. Keefe, Bruyette & Woods upgraded Bank of America from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Jefferies Financial Group upped their price objective on Bank of America from $36.00 to $39.00 and gave the company a "hold" rating in a research report on Monday, April 8th. Piper Sandler upped their target price on Bank of America from $35.00 to $37.00 and gave the company an "underweight" rating in a research note on Tuesday, June 4th. Finally, Citigroup upped their target price on Bank of America from $37.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, March 20th.

Bank of America Price Performance

BAC traded down $0.64 during trading on Tuesday, reaching $39.38. 30,919,233 shares of the stock were exchanged, compared to its average volume of 38,893,352. The business's 50 day moving average price is $38.71 and its two-hundred day moving average price is $35.95. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $307.97 billion, a price-to-earnings ratio of 13.63, a P/E/G ratio of 1.76 and a beta of 1.36. Bank of America has a 1 year low of $24.96 and a 1 year high of $40.34.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company 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 business earned $0.94 earnings per share. Bank of America's quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America's payout ratio is 33.22%.

Institutional Investors Weigh In On Bank of America

Several institutional investors and hedge funds have recently modified their holdings of the stock. Keynote Financial Services LLC purchased a new stake in shares of Bank of America in the first quarter worth about $944,000. American Trust boosted its holdings in Bank of America by 38.5% in the first quarter. American Trust now owns 10,059 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 2,798 shares during the last quarter. Clear Rock Advisors LLC boosted its holdings in Bank of America by 1.8% in the first quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider's stock valued at $3,109,000 after purchasing an additional 1,425 shares during the last quarter. Peninsula Wealth LLC purchased a new position in Bank of America in the first quarter valued at about $377,000. Finally, Pathway Financial Advisers LLC purchased a new position in Bank of America in the first quarter valued at about $1,148,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

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.