JPMorgan Chase & Co. Cuts Bank of America (NYSE:BAC) Price Target to $29.50

Bank of America (NYSE:BAC) had its target price cut by JPMorgan Chase & Co. from $30.50 to $29.50 in a research note issued to investors on Tuesday, 24/7 WallStreet reports. They currently have an overweight rating on the financial services provider’s stock.

BAC has been the topic of several other research reports. BMO Capital Markets upgraded shares of Bank of America from a market perform rating to an outperform rating and set a $37.00 price target on the stock in a research report on Monday, June 17th. Oppenheimer set a $15.00 price objective on shares of Strongbridge Biopharma and gave the stock a buy rating in a research report on Tuesday, March 26th. Atlantic Securities cut shares of Bank of America from an overweight rating to a neutral rating and set a $30.81 price objective on the stock. in a research report on Tuesday, April 30th. Jefferies Financial Group set a $158.00 price objective on shares of HCA Healthcare and gave the stock a buy rating in a research report on Wednesday, April 17th. Finally, Berenberg Bank cut shares of to a hold rating and lowered their price objective for the stock from GBX 283 ($3.70) to GBX 103 ($1.35) in a research report on Monday, June 17th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $32.52.

Shares of NYSE:BAC opened at $29.36 on Tuesday. Bank of America has a 12 month low of $22.66 and a 12 month high of $31.91. The company has a market capitalization of $275.93 billion, a PE ratio of 11.25, a price-to-earnings-growth ratio of 1.15 and a beta of 1.53. The business’s 50 day moving average price is $28.24. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion for the quarter, compared to analysts’ expectations of $23.24 billion. During the same quarter in the previous year, the company earned $0.62 earnings per share. The firm’s quarterly revenue was down .4% compared to the same quarter last year. On average, equities analysts predict that Bank of America will post 2.81 earnings per share for the current fiscal year.

Bank of America declared that its board has approved a stock repurchase plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Thursday, June 6th. Bank of America’s dividend payout ratio is currently 22.99%.

In related news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the sale, the insider now owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. CNB Bank lifted its stake in shares of Bank of America by 188.4% in the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 620 shares during the last quarter. Cranbrook Wealth Management LLC lifted its stake in shares of Bank of America by 86.1% in the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 500 shares during the last quarter. Karp Capital Management Corp acquired a new stake in shares of Bank of America in the 4th quarter valued at $31,000. Paragon Capital Management LLC acquired a new stake in shares of Bank of America in the 1st quarter valued at $33,000. Finally, Semmax Financial Advisors Inc. acquired a new stake in shares of Bank of America in the 4th quarter valued at $34,000. 68.19% of the stock is 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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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