Bank of America (NYSE:BAC) Trading 1.1% Higher on Analyst Upgrade

by · The Cerbat Gem

Bank of America Corporation (NYSE:BAC)’s share price rose 1.1% on Friday after Royal Bank Of Canada raised their price target on the stock from $56.00 to $59.00. Royal Bank Of Canada currently has an outperform rating on the stock. Bank of America traded as high as $55.30 and last traded at $55.14. Approximately 40,210,939 shares traded hands during trading, an increase of 0% from the average daily volume of 40,062,250 shares. The stock had previously closed at $54.56.

Several other brokerages also recently commented on BAC. Oppenheimer reduced their target price on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, November 19th. Phillip Securities lifted their price objective on Bank of America from $50.00 to $56.00 in a research report on Tuesday, October 21st. Daiwa Capital Markets increased their target price on Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on Bank of America from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Get Our Latest Analysis on BAC

Institutional Investors Weigh In On Bank of America

Institutional investors have recently made changes to their positions in the stock. MRP Capital Investments LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at $556,000. Swiss Life Asset Management Ltd grew its stake in Bank of America by 10.4% in the third quarter. Swiss Life Asset Management Ltd now owns 799,235 shares of the financial services provider’s stock valued at $41,233,000 after acquiring an additional 75,383 shares during the period. Steadtrust LLC grew its stake in Bank of America by 13.8% in the third quarter. Steadtrust LLC now owns 6,073 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 738 shares during the period. Groupama Asset Managment increased its holdings in shares of Bank of America by 30.3% in the third quarter. Groupama Asset Managment now owns 439,356 shares of the financial services provider’s stock worth $22,666,000 after acquiring an additional 102,219 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Bank of America during the third quarter worth about $12,516,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average price of $52.30 and a two-hundred day moving average price of $49.37. The firm has a market cap of $402.66 billion, a P/E ratio of 15.02 and a beta of 1.30.

Bank of America (NYSE:BAC – Get Free Report) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same period last year, the company posted $0.81 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America’s payout ratio is currently 30.52%.

About Bank of America

(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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