Bank of America Corp. (NYSE:BAC) was upgraded by research analysts at Vetr from a "hold" rating to a "buy" rating in a note issued to investors on Monday, MarketBeat reports. The brokerage presently has a $14.90 target price on the financial services provider's stock. Vetr's target price indicates a potential upside of 3.98% from the company's current price.
Other large investors recently made changes to their positions in the company. Northpointe Capital LLC increased its stake in shares of Bank of America Corp. by 13.0% in the second quarter. Northpointe Capital LLC now owns 307,806 shares of the financial services provider's stock, worth $4,085,000, after buying an additional 35,421 shares during the period.
Burke & Herbert Bank & Trust Co. increased its stake in shares of Bank of America Corp. by 7.3% in the second quarter. Burke & Herbert Bank & Trust Co. now owns 56,647 shares of the financial services provider's stock, valued at $752,000, after buying an additional 3,865 shares during the period.
Northern Capital Management LLC increased its stake in shares of Bank of America Corp. by 2.7% in the second quarter. Northern Capital Management LLC now owns 304,970 shares of the financial services provider's stock, valued at $4,047,000, after buying an additional 8,135 shares during the period.
Deprince Race & Zollo Inc. purchased a new stake in shares of Bank of America Corp. during the second quarter valued at about $7,512,000.
Finally, Gargoyle Investment Advisor L.L.C. increased its stake in shares of Bank of America Corp. by 18.6% in the second quarter. Gargoyle Investment Advisor L.L.C. now owns 79,700 shares of the financial services provider's stock, valued at $1,058,000, after buying an additional 12,500 shares during the period.
A number of other brokerages have also recently commented on BAC. Raymond James Financial Inc. restated an "outperform" rating on shares of Bank of America Corp. in a research note on Friday, June 3rd. Keefe, Bruyette & Woods restated a "hold" rating and set a $15.00 price objective on shares of Bank of America Corp. in a research note on Wednesday, July 20th. Deutsche Bank restated a "buy" rating on shares of Bank of America Corp. in a research note on Saturday, June 4th. Jefferies Group restated a "buy" rating on shares of Bank of America Corp. in a research note on Sunday, July 10th. Finally, Barclays restated a "hold" rating on shares of Bank of America Corp. in a research note on Sunday, April 17th.
One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have assigned a buy rating to the company. The stock presently has an average rating of "Buy" and an average price target of $17.30.
Shares of Bank of America Corp. traded down 1.10% during mid-day trading on Monday, hitting $14.33. The company had a trading volume of 61,460,852 shares. The stock's 50-day moving average is $13.63 and its 200-day moving average is $13.67. Bank of America Corp. has a 52-week low of $10.99 and a 52-week high of $18.09. The stock has a market cap of $150.70 billion and a price-to-earnings ratio of 12.03.
Bank of America Corp. last issued its earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.33 by $0.03. The firm earned $20.60 million during the quarter, compared to analyst estimates of $20.41 billion.
During the same quarter in the previous year, the business posted $0.45 EPS. Bank of America Corp.'s revenue was down 7.2% compared to the same quarter last year. Equities analysts forecast that Bank of America Corp. will post $1.26 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.09%. This is a positive change from Bank of America Corp.'s previous quarterly dividend of $0.05.
Company
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.