Bank of America Corporation (BAC) Downgraded by BidaskClub to Sell

Bank of America Corporation (NYSE:BAC) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

Other research analysts also recently issued reports about the company. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. Vetr downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective on the stock. in a research note on Wednesday, June 28th. UBS AG reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Bank of America Corporation in a report on Friday, July 21st. Wells Fargo & Company assumed coverage on Bank of America Corporation in a report on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 target price on the stock. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a report on Wednesday, June 7th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-three have given a buy rating and three have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $24.47.

Bank of America Corporation (NYSE:BAC) opened at 23.36 on Tuesday. The firm has a 50-day moving average price of $24.01 and a 200-day moving average price of $23.82. The stock has a market cap of $245.66 billion, a PE ratio of 13.91 and a beta of 1.26. Bank of America Corporation has a 12-month low of $14.81 and a 12-month high of $25.80.

Bank of America Corporation (NYSE:BAC) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $21.84 billion. During the same period last year, the business earned $0.41 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. Analysts forecast that Bank of America Corporation will post $1.81 EPS for the current fiscal year.

Bank of America Corporation declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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In other news, Director Frank P. Bramble sold 86,763 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $2,096,194.08. Following the completion of the sale, the director now owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.18% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Bank of America Corporation during the second quarter worth $1,017,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation during the second quarter worth $100,000. Armbruster Capital Management Inc. raised its position in shares of Bank of America Corporation by 10.8% during the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 423 shares during the last quarter. Chicago Partners Investment Group LLC raised its position in shares of Bank of America Corporation by 11.0% during the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares during the last quarter. Finally, Tarbox Family Office Inc. raised its position in shares of Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after acquiring an additional 21 shares during the last quarter. Institutional investors own 61.66% 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.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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