Bank of America (NYSE:BAC) Price Target Raised to $37.00 at BMO Capital Markets

Bank of America (NYSE:BAC) had its price objective hoisted by BMO Capital Markets from $36.00 to $37.00 in a report issued on Wednesday, April 17th, The Fly reports. BMO Capital Markets currently has a market perform rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the stock. Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the stock a buy rating in a research note on Wednesday, January 16th. Edward Jones raised shares of Bank of America from a hold rating to a buy rating in a research report on Wednesday, January 9th. UBS Group raised shares of Bank of America from a neutral rating to a buy rating and set a $32.00 price target for the company in a research report on Tuesday, January 8th. Jefferies Financial Group reissued a buy rating on shares of Bank of America in a research report on Tuesday, January 8th. Finally, Zacks Investment Research raised shares of Bank of America from a hold rating to a buy rating and set a $32.00 price target for the company in a research report on Monday, January 21st. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $32.98.

BAC stock opened at $29.58 on Wednesday. The company has a market capitalization of $304.34 billion, a P/E ratio of 11.33, a P/E/G ratio of 1.30 and a beta of 1.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America has a 52 week low of $22.66 and a 52 week high of $31.91.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The company had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. Bank of America’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the business earned $0.62 EPS. As a group, equities research analysts forecast that Bank of America will post 2.86 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Thursday, June 6th. Bank of America’s dividend payout ratio (DPR) is 22.99%.

In other news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the transaction, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of BAC. CNB Bank boosted its stake in Bank of America by 188.4% during the 1st quarter. CNB Bank now owns 949 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 620 shares during the last quarter. Cranbrook Wealth Management LLC boosted its stake in Bank of America by 86.1% during the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 500 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Bank of America during the 4th quarter worth $31,000. Paragon Capital Management LLC acquired a new position in Bank of America during the 1st quarter valued at approximately $33,000. Finally, Semmax Financial Advisors Inc. acquired a new position in Bank of America during the 4th quarter worth $34,000. 65.19% of the stock is owned by hedge funds and other institutional investors.

Bank of America Company Profile

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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Analyst Recommendations for Bank of America (NYSE:BAC)

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