Jefferies Group LLC reiterated their buy rating on shares of Bank of America Corp (NYSE:BAC) in a research report report published on Friday, May 5th. They currently have a $28.00 price objective on the financial services provider’s stock.
Several other brokerages also recently commented on BAC. Keefe, Bruyette & Woods reissued a buy rating and issued a $23.00 target price on shares of Bank of America Corp in a report on Wednesday, January 11th. Vetr raised Bank of America Corp from a hold rating to a buy rating and set a $26.48 target price on the stock in a report on Tuesday, March 14th. Sanford C. Bernstein restated a buy rating and issued a $17.00 price objective on shares of Bank of America Corp in a research report on Wednesday, January 11th. Goldman Sachs Group Inc restated a conviction-buy rating and issued a $27.00 price objective on shares of Bank of America Corp in a research report on Tuesday, January 17th. Finally, Guggenheim restated a hold rating and issued a $22.00 price objective on shares of Bank of America Corp in a research report on Wednesday, January 11th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $22.73.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 2nd will be issued a dividend of $0.075 per share. The ex-dividend date is Wednesday, May 31st. This represents a $0.30 annualized dividend and a dividend yield of 1.30%. Bank of America Corp’s dividend payout ratio is presently 21.74%.
In other Bank of America Corp news, Director Thomas D. Woods bought 25,000 shares of the stock in a transaction dated Thursday, April 27th. The shares were bought at an average cost of $23.81 per share, with a total value of $595,250.00. Following the completion of the acquisition, the director now owns 40,830 shares of the company’s stock, valued at $972,162.30. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.18% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Bank of America Corp by 3.1% in the first quarter. Vanguard Group Inc. now owns 652,377,332 shares of the financial services provider’s stock valued at $15,389,581,000 after buying an additional 19,516,333 shares in the last quarter. Dodge & Cox purchased a new stake in Bank of America Corp during the fourth quarter valued at about $4,159,570,000. Norges Bank purchased a new stake in Bank of America Corp during the fourth quarter valued at about $2,256,221,000. Korea Investment CORP raised its stake in Bank of America Corp by 1.4% in the third quarter. Korea Investment CORP now owns 77,932,525 shares of the financial services provider’s stock valued at $1,219,644,000 after buying an additional 1,110,544 shares in the last quarter. Finally, Boston Partners raised its stake in Bank of America Corp 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 in the last quarter. 63.95% of the stock is currently owned by institutional investors.
Bank of America Corp Company Profile
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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