Bank of America Corp (NYSE:BAC) reached a new 52-week high on Monday . The stock traded as high as $32.94 and last traded at $32.97, with a volume of 33570386 shares trading hands. The stock had previously closed at $32.72.
A number of brokerages have commented on BAC. Credit Suisse Group upgraded shares of Bank of America to an “outperform” rating and raised their price target for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. Royal Bank of Canada restated a “buy” rating and set a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley restated an “overweight” rating and set a $30.00 price target (up previously from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday, January 2nd. Finally, Barclays raised their price target on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $30.35.
The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market capitalization of $336,400.00, a P/E ratio of 18.87, a PEG ratio of 1.66 and a beta of 1.36.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is currently 27.59%.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently modified their holdings of the stock. TCI Wealth Advisors Inc. increased its holdings in shares of Bank of America by 0.4% in the second quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 54 shares in the last quarter. Altavista Wealth Management Inc. grew its holdings in Bank of America by 0.7% during the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock worth $247,000 after acquiring an additional 68 shares during the period. Gerber Kawasaki Wealth & Investment Management grew its holdings in Bank of America by 0.9% during the 2nd quarter. Gerber Kawasaki Wealth & Investment Management now owns 11,190 shares of the financial services provider’s stock worth $278,000 after acquiring an additional 98 shares during the period. Carnegie Capital Asset Management LLC grew its holdings in Bank of America by 0.4% during the 2nd quarter. Carnegie Capital Asset Management LLC now owns 26,356 shares of the financial services provider’s stock worth $648,000 after acquiring an additional 104 shares during the period. Finally, GSB Wealth Management LLC grew its holdings in Bank of America by 0.3% during the 2nd quarter. GSB Wealth Management LLC now owns 32,934 shares of the financial services provider’s stock worth $799,000 after acquiring an additional 105 shares during the period. 69.92% of the stock is owned by institutional investors and hedge funds.
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Bank of America 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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