Bank of America (NYSE:BAC) was upgraded by analysts at Vetr from a “strong sell” rating to a “sell” rating in a report released on Monday. The brokerage presently has a $31.16 price objective on the financial services provider’s stock. Vetr‘s price objective would indicate a potential downside of 2.53% from the company’s current price.
A number of other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. boosted their price target on Bank of America from $27.50 to $28.50 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Credit Suisse Group upgraded Bank of America to an “outperform” rating and boosted their price target for the company from $32.00 to $35.00 in a report on Thursday, January 4th. Royal Bank of Canada reiterated a “buy” rating and issued a $30.00 price target on shares of Bank of America in a report on Friday, December 8th. Morgan Stanley reiterated an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a report on Thursday, November 30th. Finally, Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $30.21.
Shares of Bank of America (NYSE:BAC) opened at $31.97 on Monday. Bank of America has a twelve month low of $22.07 and a twelve month high of $32.67. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The firm has a market capitalization of $328,890.00, a P/E ratio of 20.76, a PEG ratio of 1.62 and a beta of 1.41.
Bank of America declared that its Board of Directors has approved a share buyback program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock worth $16,047,853,000 after acquiring an additional 9,117,007 shares during the period. Bank of New York Mellon Corp boosted its position in Bank of America by 5.8% during the 4th quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock worth $3,086,572,000 after acquiring an additional 5,720,403 shares during the period. TIAA CREF Investment Management LLC boosted its position in Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock worth $1,543,792,000 after acquiring an additional 1,079,788 shares during the period. Legal & General Group Plc boosted its position in Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock worth $1,296,863,000 after acquiring an additional 379,854 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock worth $1,070,762,000 after acquiring an additional 9,612,342 shares during the period. Hedge funds and other institutional investors own 69.28% of the company’s stock.
About Bank of America
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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