Bank of America (BAC) Rating Increased to Hold at ValuEngine

Bank of America (NYSE:BAC) was upgraded by stock analysts at ValuEngine from a “sell” rating to a “hold” rating in a report issued on Thursday.

Other analysts also recently issued reports about the company. BMO Capital Markets boosted their target price on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. Wolfe Research began coverage on Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $34.63.

Bank of America stock opened at $28.52 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Bank of America has a 1-year low of $25.81 and a 1-year high of $33.05. The company has a market capitalization of $292.35 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 1.40 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. Bank of America had a return on equity of 10.82% and a net margin of 21.85%. The firm had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. During the same period in the previous year, the business earned $0.48 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America will post 2.55 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CSat Investment Advisory L.P. acquired a new position in Bank of America in the second quarter valued at $103,000. Cardinal Capital Management Inc. purchased a new stake in Bank of America during the third quarter valued at about $106,000. Quad Cities Investment Group LLC purchased a new stake in Bank of America during the second quarter valued at about $112,000. Arlington Partners LLC purchased a new stake in Bank of America during the third quarter valued at about $118,000. Finally, Whitnell & Co. purchased a new stake in Bank of America during the second quarter valued at about $134,000. Institutional investors own 65.06% 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Analyst Recommendations for Bank of America (NYSE:BAC)

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