ValuEngine Downgrades Bank of America (NYSE:BAC) to Sell

Bank of America (NYSE:BAC) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a report released on Thursday, ValuEngine reports.

A number of other analysts have also commented on BAC. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $32.00 to $36.00 in a research report on Friday, July 26th. BMO Capital Markets upgraded Bank of America from a “market perform” rating to an “outperform” rating and set a $37.00 price objective for the company in a research report on Monday, June 17th. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price objective for the company. in a research report on Wednesday, April 17th. JPMorgan Chase & Co. lowered their price objective on Bank of America from $30.50 to $29.50 and set an “overweight” rating for the company in a research report on Tuesday, July 9th. Finally, Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price for the company. in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $33.02.

Shares of BAC stock opened at $28.33 on Thursday. The stock has a 50-day moving average price of $29.24. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $263.70 billion, a price-to-earnings ratio of 10.85, a price-to-earnings-growth ratio of 1.10 and a beta of 1.54. Bank of America has a 12 month low of $22.66 and a 12 month high of $31.49.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The firm had revenue of $23.10 billion during the quarter, compared to analyst estimates of $23.13 billion. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The company’s revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $0.63 earnings per share. On average, analysts expect that Bank of America will post 2.83 EPS for the current year.

Bank of America declared that its board has initiated a stock buyback program on Thursday, June 27th that authorizes the company to buyback $30.90 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Several institutional investors have recently bought and sold shares of BAC. Gryphon Financial Partners LLC acquired a new position in shares of Bank of America in the 2nd quarter valued at approximately $309,000. Redhawk Wealth Advisors Inc. bought a new stake in Bank of America in the 2nd quarter valued at approximately $122,000. Angeles Investment Advisors LLC bought a new stake in Bank of America in the 2nd quarter valued at approximately $252,000. Shamrock Asset Management LLC lifted its stake in Bank of America by 8.7% in the 2nd quarter. Shamrock Asset Management LLC now owns 36,561 shares of the financial services provider’s stock valued at $1,060,000 after acquiring an additional 2,938 shares in the last quarter. Finally, Roffman Miller Associates Inc. PA raised its stake in shares of Bank of America by 5.1% during the 2nd quarter. Roffman Miller Associates Inc. PA now owns 520,988 shares of the financial services provider’s stock worth $15,109,000 after purchasing an additional 25,386 shares in the last quarter. Institutional investors own 68.23% of the company’s stock.

Bank of America Company Profile

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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