Keefe, Bruyette & Woods reissued their outperform rating on shares of Bank of America Corporation (NYSE:BAC) in a research note issued to investors on Tuesday morning, StockTargetPrices.com reports.
A number of other equities research analysts have also commented on the stock. Deutsche Bank AG restated a hold rating on shares of Bank of America Corporation in a report on Monday, July 3rd. Vetr lowered shares of Bank of America Corporation from a buy rating to a hold rating and set a $24.19 price target on the stock. in a research note on Wednesday, June 28th. Credit Suisse Group reiterated a buy rating on shares of Bank of America Corporation in a research note on Sunday, June 4th. Jefferies Group LLC reiterated a buy rating and issued a $28.00 price target on shares of Bank of America Corporation in a research note on Friday, May 5th. Finally, Zacks Investment Research lowered shares of Bank of America Corporation from a buy rating to a hold rating in a research note on Monday, April 24th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. Bank of America Corporation currently has a consensus rating of Buy and an average target price of $22.78.
Shares of Bank of America Corporation (NYSE:BAC) opened at 24.83 on Tuesday. The firm’s 50-day moving average is $23.26 and its 200 day moving average is $23.42. The firm has a market capitalization of $261.12 billion, a P/E ratio of 15.28 and a beta of 1.27. Bank of America Corporation has a 52 week low of $13.11 and a 52 week high of $25.80.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 2nd were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, May 31st. This represents a $0.30 annualized dividend and a yield of 1.21%. Bank of America Corporation’s payout ratio is 18.99%.
In other Bank of America Corporation news, Director Thomas D. Woods acquired 25,000 shares of the stock in a transaction on Thursday, April 27th. The shares were purchased at an average price of $23.81 per share, for a total transaction of $595,250.00. Following the completion of the acquisition, the director now owns 40,830 shares in the company, valued at approximately $972,162.30. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.18% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dodge & Cox acquired a new position in Bank of America Corporation during the fourth quarter valued at $4,159,570,000. Norges Bank acquired a new position in Bank of America Corporation during the fourth quarter valued at $2,256,221,000. Boston Partners increased its position in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock valued at $1,778,802,000 after buying an additional 368,898 shares during the last quarter. Legal & General Group Plc increased its position in Bank of America Corporation by 0.8% in the first quarter. Legal & General Group Plc now owns 49,789,644 shares of the financial services provider’s stock valued at $1,174,642,000 after buying an additional 380,726 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in Bank of America Corporation by 25.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 42,249,666 shares of the financial services provider’s stock valued at $933,718,000 after buying an additional 8,595,423 shares during the last quarter. Hedge funds and other institutional investors own 65.84% of the company’s stock.
About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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