Bank of America (NYSE:BAC) PT Raised to $46.00 at Oppenheimer

Bank of America (NYSE:BAC) had its price target boosted by Oppenheimer from $45.00 to $46.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on the company. BMO Capital Markets upped their price target on Bank of America from $36.00 to $37.00 and gave the stock a market perform rating in a research note on Thursday, April 18th. Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. UBS Group reaffirmed a neutral rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Evercore ISI increased their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an outperform rating in a research report on Thursday, April 4th. Finally, HSBC restated a hold rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, Bank of America has an average rating of Hold and a consensus target price of $38.70.

Bank of America Stock Up 1.0 %

Shares of NYSE:BAC opened at $37.25 on Tuesday. The company has a market capitalization of $291.31 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.66 and a beta of 1.37. Bank of America has a 12-month low of $24.96 and a 12-month high of $38.49. The business has a 50-day moving average price of $36.39 and a 200 day moving average price of $33.01. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts expect that Bank of America will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.58%. Bank of America’s dividend payout ratio is presently 33.22%.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently made changes to their positions in BAC. Norges Bank purchased a new position in Bank of America during the 4th quarter worth approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Barclays PLC grew its position in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. Alphinity Investment Management Pty Ltd grew its position in shares of Bank of America by 1,071.8% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Institutional investors and hedge funds own 70.71% 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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.