Bank of America (NYSE:BAC) was downgraded by investment analysts at Vetr from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday. They presently have a $28.21 price target on the financial services provider’s stock. Vetr‘s target price would suggest a potential downside of 11.84% from the stock’s previous close.

Several other equities research analysts also recently commented on BAC. Royal Bank of Canada upped their price objective on shares of Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Monday, October 16th. BMO Capital Markets reissued a “market perform” rating and issued a $29.00 price target (up from $27.00) on shares of Bank of America in a report on Monday, October 16th. Nomura increased their price target on shares of Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, October 16th. UBS Group set a $27.00 price target on shares of Bank of America and gave the stock a “hold” rating in a report on Monday, October 16th. Finally, BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $29.99.

Shares of Bank of America (BAC) opened at $32.00 on Tuesday. The company has a market cap of $329,190.00, a PE ratio of 20.78, a price-to-earnings-growth ratio of 1.58 and a beta of 1.41. Bank of America has a fifty-two week low of $22.07 and a fifty-two week high of $32.67. The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 earnings per share. equities research analysts anticipate that Bank of America will post 2.46 EPS for the current year.

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 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Zeke Capital Advisors LLC grew its position in Bank of America by 29.7% during the fourth quarter. Zeke Capital Advisors LLC now owns 226,063 shares of the financial services provider’s stock valued at $6,673,000 after acquiring an additional 51,736 shares during the last quarter. Biltmore Family Office LLC bought a new position in Bank of America during the fourth quarter valued at approximately $536,000. Clark Capital Management Group Inc. bought a new position in Bank of America during the fourth quarter valued at approximately $23,418,000. Noesis Capital Mangement Corp bought a new position in Bank of America during the fourth quarter valued at approximately $307,000. Finally, Northeast Financial Consultants Inc grew its position in Bank of America by 23.3% during the fourth quarter. Northeast Financial Consultants Inc now owns 24,830 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 4,685 shares during the last quarter. 69.28% of the stock is currently 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Bank of America (NYSE:BAC)

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