Bank of America Corp (BAC) Downgraded to Sell at Compass Point
Bank of America Corp (NYSE:BAC) was downgraded by stock analysts at Compass Point from a “neutral” rating to a “sell” rating in a report released on Thursday. They presently have a $20.00 price target on the financial services provider’s stock. Compass Point’s target price indicates a potential downside of 11.93% from the company’s current price.
A number of other research firms also recently issued reports on BAC. Vetr downgraded Bank of America Corp from a “buy” rating to a “hold” rating and set a $25.70 target price on the stock. in a research report on Wednesday, March 1st. Zacks Investment Research downgraded Bank of America Corp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 15th. Credit Suisse Group AG boosted their price target on Bank of America Corp to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, March 16th. Macquarie raised Bank of America Corp from a “neutral” rating to an “outperform” rating and set a $28.00 price target on the stock in a research report on Thursday, February 16th. Finally, Raymond James Financial, Inc. raised Bank of America Corp from a “market perform” rating to an “outperform” rating in a research report on Thursday, December 15th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $22.37.
Shares of Bank of America Corp (NYSE:BAC) opened at 22.71 on Thursday. Bank of America Corp has a 52-week low of $12.05 and a 52-week high of $25.80. The stock has a market cap of $238.83 billion, a PE ratio of 15.17 and a beta of 1.47. The company’s 50-day moving average price is $23.81 and its 200-day moving average price is $21.67.
Bank of America Corp (NYSE:BAC) last released its earnings results on Tuesday, April 18th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. The business had revenue of $22.45 billion for the quarter, compared to the consensus estimate of $21.77 billion. Bank of America Corp had a return on equity of 6.85% and a net margin of 18.10%. Bank of America Corp’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 earnings per share. Analysts expect that Bank of America Corp will post $1.75 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Friday, March 3rd were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, March 1st. This represents a $0.30 dividend on an annualized basis and a yield of 1.32%. Bank of America Corp’s payout ratio is currently 21.74%.
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A number of hedge funds have recently modified their holdings of BAC. River & Mercantile Asset Management acquired a new stake in shares of Bank of America Corp during the fourth quarter worth $4,714,000. Kempner Capital Management increased its stake in shares of Bank of America Corp by 5.5% in the fourth quarter. Kempner Capital Management now owns 354,937 shares of the financial services provider’s stock worth $5,974,000 after buying an additional 18,475 shares during the last quarter. Hollencrest Securities increased its stake in shares of Bank of America Corp by 0.4% in the fourth quarter. Hollencrest Securities now owns 152,525 shares of the financial services provider’s stock worth $2,567,000 after buying an additional 599 shares during the last quarter. Burke & Herbert Bank & Trust Company increased its stake in shares of Bank of America Corp by 4.3% in the fourth quarter. Burke & Herbert Bank & Trust Company now owns 42,214 shares of the financial services provider’s stock worth $711,000 after buying an additional 1,749 shares during the last quarter. Finally, Chicago Trust Company increased its stake in shares of Bank of America Corp by 36.9% in the fourth quarter. Chicago Trust Company now owns 94,131 shares of the financial services provider’s stock worth $1,585,000 after buying an additional 25,360 shares during the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.
About Bank of America Corp
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.
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