Brokerages Set Bank of America Co. (NYSE:BAC) Target Price at $39.79

Bank of America Co. (NYSE:BAC) has received a consensus rating of “Moderate Buy” from the eighteen research firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $39.79.

Several analysts have commented on BAC shares. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Wells Fargo & Company lifted their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Piper Sandler upped their target price on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Finally, Jefferies Financial Group boosted their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th.

Bank of America Price Performance

NYSE BAC opened at $39.27 on Tuesday. The company has a market cap of $307.11 billion, a PE ratio of 13.59, a P/E/G ratio of 1.50 and a beta of 1.36. The firm’s 50 day moving average price is $38.78 and its 200-day moving average price is $35.97. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America has a 52-week low of $24.96 and a 52-week high of $40.34.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 EPS. Sell-side analysts forecast that Bank of America will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Hedge Funds Weigh In On Bank of America

Large investors have recently made changes to their positions in the company. Keynote Financial Services LLC purchased a new position in Bank of America in the first quarter valued at $944,000. American Trust increased its stake in shares of Bank of America by 38.5% in the 1st quarter. American Trust now owns 10,059 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 2,798 shares in the last quarter. Clear Rock Advisors LLC raised its holdings in Bank of America by 1.8% in the 1st quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider’s stock worth $3,109,000 after purchasing an additional 1,425 shares during the period. Peninsula Wealth LLC purchased a new position in Bank of America during the first quarter worth approximately $377,000. Finally, Pathway Financial Advisers LLC acquired a new stake in Bank of America in the first quarter valued at approximately $1,148,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.