Bank of America (BAC) Upgraded to Buy by UBS Group
UBS Group upgraded shares of Bank of America (NYSE:BAC) from a neutral rating to a buy rating in a research note published on Tuesday morning, 247wallst.com reports. They currently have $32.00 price objective on the financial services provider’s stock.
A number of other brokerages have also issued reports on BAC. BMO Capital Markets boosted their price target on Bank of America from $35.00 to $36.00 and gave the stock a market perform rating in a research report on Tuesday, October 16th. Wolfe Research initiated coverage on Bank of America in a research report on Tuesday, September 25th. They set an outperform rating for the company. Robert W. Baird reiterated a hold rating and set a $28.00 price target on shares of Bank of America in a research report on Wednesday, January 2nd. ValuEngine lowered Bank of America from a hold rating to a sell rating in a research report on Tuesday, October 23rd. Finally, Keefe, Bruyette & Woods reduced their price target on Bank of America and set a market perform rating for the company in a research report on Thursday, December 13th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Bank of America presently has a consensus rating of Buy and an average price target of $33.51.
NYSE:BAC traded up $0.15 during midday trading on Tuesday, reaching $25.88. 28,717,351 shares of the company traded hands, compared to its average volume of 77,453,032. Bank of America has a twelve month low of $22.66 and a twelve month high of $33.05. The firm has a market capitalization of $263.88 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.91 and a quick ratio of 0.91.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 28th. Stockholders of record on Friday, December 7th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.
Institutional investors and hedge funds have recently bought and sold shares of the company. CSat Investment Advisory L.P. bought a new stake in shares of Bank of America in the 2nd quarter worth $103,000. Cardinal Capital Management Inc. acquired a new stake in shares of Bank of America during the third quarter worth $106,000. Arlington Partners LLC acquired a new stake in shares of Bank of America during the third quarter worth $118,000. Worth Venture Partners LLC acquired a new stake in shares of Bank of America during the third quarter worth $166,000. Finally, Stelac Advisory Services LLC raised its position in shares of Bank of America by 50.2% during the third quarter. Stelac Advisory Services LLC now owns 5,750 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 1,922 shares during the period. 64.36% of the stock is currently owned by 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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