Bank of America (NYSE:BAC) Earns Neutral Rating from Analysts at Seaport Global Securities

Seaport Global Securities assumed coverage on shares of Bank of America (NYSE:BAC) in a report released on Wednesday, 24/7 WallStreet reports. The firm issued a neutral rating on the financial services provider’s stock.

Several other analysts also recently weighed in on BAC. Wells Fargo & Co upped their price target on Bank of America from $30.00 to $35.00 in a research note on Friday, June 5th. Oppenheimer raised their price target on Bank of America from $30.00 to $33.00 and gave the company an outperform rating in a report on Thursday, April 16th. Royal Bank of Canada dropped their price target on shares of Bank of America from $28.00 to $30.00 in a research note on Thursday, July 2nd. Cfra reduced their price objective on shares of Bank of America from $32.00 to $28.00 and set a buy rating for the company in a research note on Wednesday, April 15th. Finally, BMO Capital Markets dropped their target price on shares of Bank of America from $26.00 to $24.00 and set a market perform rating on the stock in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $29.58.

Shares of BAC stock opened at $24.02 on Wednesday. The company’s fifty day moving average price is $24.59 and its 200-day moving average price is $27.26. The stock has a market cap of $197.54 billion, a PE ratio of 8.66, a price-to-earnings-growth ratio of 2.31 and a beta of 1.59. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.06. Bank of America has a 12 month low of $17.95 and a 12 month high of $35.72.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.40 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.20). Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The business had revenue of $22.77 billion for the quarter, compared to the consensus estimate of $22.58 billion. During the same period in the previous year, the firm earned $0.70 EPS. The company’s revenue was down 1.0% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America will post 1.41 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were given a $0.18 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.72 annualized dividend and a yield of 3.00%. Bank of America’s payout ratio is 24.49%.

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in shares of Bank of America by 1.4% in the 1st quarter. Wellington Management Group LLP now owns 236,255,878 shares of the financial services provider’s stock worth $5,015,711,000 after purchasing an additional 3,263,586 shares during the period. Norges Bank bought a new stake in Bank of America during the fourth quarter valued at approximately $3,442,092,000. Wealth Quarterback LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $6,050,510,000. Legal & General Group Plc raised its position in Bank of America by 0.8% in the first quarter. Legal & General Group Plc now owns 50,923,268 shares of the financial services provider’s stock worth $1,084,417,000 after acquiring an additional 414,622 shares during the period. Finally, Primecap Management Co. CA boosted its stake in shares of Bank of America by 8.0% during the 1st quarter. Primecap Management Co. CA now owns 40,613,161 shares of the financial services provider’s stock worth $862,217,000 after acquiring an additional 3,017,200 shares during the last quarter. Institutional investors and hedge funds own 69.26% 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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