TD Cowen Issues Positive Forecast for Bank of America (NYSE:BAC) Stock Price

Bank of America (NYSE:BAC) had its price target upped by TD Cowen from $61.00 to $64.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft increased their price target on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. The Goldman Sachs Group cut their target price on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. HSBC lifted their target price on Bank of America from $51.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Oppenheimer increased their price target on Bank of America from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 price objective (up previously from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.86.

Bank of America Stock Performance

NYSE:BAC opened at $53.38 on Thursday. The company has a market capitalization of $389.81 billion, a PE ratio of 14.54, a P/E/G ratio of 1.99 and a beta of 1.34. The company has a 50 day simple moving average of $51.28 and a two-hundred day simple moving average of $47.39. 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 fifty-two week low of $33.06 and a fifty-two week high of $53.99.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. Research analysts anticipate that Bank of America will post 3.7 earnings per share for the current year.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.1%. Bank of America’s payout ratio is currently 30.52%.

Institutional Trading of Bank of America

Hedge funds have recently bought and sold shares of the business. Brighton Jones LLC lifted its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares in the last quarter. Leavell Investment Management Inc. raised its stake in shares of Bank of America by 5.4% in the first quarter. Leavell Investment Management Inc. now owns 16,808 shares of the financial services provider’s stock worth $701,000 after purchasing an additional 857 shares during the last quarter. Rogco LP lifted its holdings in shares of Bank of America by 15.4% in the first quarter. Rogco LP now owns 22,623 shares of the financial services provider’s stock valued at $944,000 after purchasing an additional 3,012 shares in the last quarter. tru Independence LLC boosted its position in shares of Bank of America by 0.4% during the first quarter. tru Independence LLC now owns 182,756 shares of the financial services provider’s stock valued at $7,626,000 after buying an additional 738 shares during the last quarter. Finally, Stonebrook Private Inc. grew its holdings in Bank of America by 5.8% during the first quarter. Stonebrook Private Inc. now owns 19,584 shares of the financial services provider’s stock worth $817,000 after buying an additional 1,081 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

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