Bank of America Co. (NYSE:BAC) Receives $48.58 Consensus PT from Analysts

Bank of America Co. (NYSE:BAC) has been assigned an average rating of “Moderate Buy” from the twenty-five brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $48.64.

Several brokerages have commented on BAC. Morgan Stanley raised their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd.

Institutional Investors Weigh In On Bank of America

Several hedge funds have recently bought and sold shares of BAC. Collier Financial acquired a new stake in Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Kennebec Savings Bank acquired a new stake in shares of Bank of America in the third quarter valued at approximately $29,000. Finally, Fairway Wealth LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $29,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of BAC stock opened at $41.39 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $314.72 billion, a P/E ratio of 12.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The company’s 50 day moving average price is $45.61 and its two-hundred day moving average price is $43.72. Bank of America has a 52 week low of $34.15 and a 52 week high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. On average, analysts expect that Bank of America will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.51%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

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.