Bank of America (NYSE:BAC) had its target price raised by Morgan Stanley from $31.00 to $33.00 in a report published on Tuesday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

Several other analysts also recently commented on BAC. DZ Bank upgraded Bank of America from a sell rating to a hold rating in a research note on Friday, August 16th. Wells Fargo & Co set a $34.00 target price on Bank of America and gave the company a buy rating in a research note on Friday, August 16th. Raymond James downgraded Bank of America from an outperform rating to a market perform rating in a research note on Thursday, August 29th. ValuEngine downgraded Bank of America from a hold rating to a sell rating in a research note on Thursday, August 8th. Finally, BMO Capital Markets upgraded Bank of America from a market perform rating to an outperform rating and set a $37.00 target price for the company in a research note on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $32.42.

Shares of Bank of America stock opened at $29.82 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The business has a 50-day moving average price of $28.07 and a two-hundred day moving average price of $28.73. Bank of America has a 1-year low of $22.66 and a 1-year high of $31.37. The company has a market cap of $278.69 billion, a P/E ratio of 11.43, a PEG ratio of 1.18 and a beta of 1.57.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. Bank of America had a return on equity of 11.95% and a net margin of 25.52%. The firm had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.13 billion. During the same period last year, the business posted $0.63 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. Equities research analysts forecast that Bank of America will post 2.82 EPS for the current fiscal year.

Bank of America declared that its Board of Directors has authorized a stock buyback plan on Thursday, June 27th that allows the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 11.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be given a $0.18 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $0.72 annualized dividend and a yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is presently 27.59%.

In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Daily Journal Corp lifted its position in shares of Bank of America by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 230,000,000 shares of the financial services provider’s stock worth $66,700,000 after buying an additional 227,700,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Bank of America by 35.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 74,659,166 shares of the financial services provider’s stock worth $2,165,116,000 after buying an additional 19,688,816 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Bank of America by 1,905.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 60,055,337 shares of the financial services provider’s stock worth $1,741,604,000 after buying an additional 57,060,331 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 2.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 40,115,997 shares of the financial services provider’s stock worth $1,163,364,000 after buying an additional 773,712 shares in the last quarter. Finally, Primecap Management Co. CA lifted its position in shares of Bank of America by 1.6% during the 2nd quarter. Primecap Management Co. CA now owns 36,402,261 shares of the financial services provider’s stock worth $1,055,666,000 after buying an additional 573,200 shares in the last quarter. 68.48% of the stock is currently owned by institutional investors and hedge funds.

About Bank of America

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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