Wells Fargo & Co Analysts Give Bank of America (NYSE:BAC) a $34.00 Price Target

Wells Fargo & Co set a $34.00 price target on Bank of America (NYSE:BAC) in a research note released on Tuesday morning, TipRanks reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Several other equities analysts also recently issued reports on BAC. Berenberg Bank set a $30.00 price target on shares of Bank of America and gave the company a hold rating in a report on Monday, June 17th. Raymond James downgraded shares of Bank of America from an outperform rating to a market perform rating in a report on Thursday, August 29th. Morgan Stanley reduced their price target on shares of Bank of America from $33.00 to $31.00 and set an overweight rating for the company in a report on Friday, October 4th. DZ Bank raised shares of Bank of America from a sell rating to a hold rating in a report on Friday, August 16th. Finally, Keefe, Bruyette & Woods downgraded shares of Bank of America from an outperform rating to a market perform rating and reduced their price target for the company from $36.00 to $29.00 in a report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $32.32.

Shares of BAC opened at $30.35 on Tuesday. Bank of America has a 1 year low of $22.66 and a 1 year high of $31.17. The company has a market cap of $281.67 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.19 and a beta of 1.60. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a fifty day moving average of $28.85 and a 200-day moving average of $28.81.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.07. Bank of America had a net margin of 24.16% and a return on equity of 12.05%. The company had revenue of $22.96 billion during the quarter, compared to the consensus estimate of $22.73 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts predict that Bank of America will post 2.82 EPS for the current year.

Bank of America announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $30.90 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a dividend of $0.18 per share. This is a boost from Bank of America’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date was Thursday, September 5th. Bank of America’s payout ratio is currently 27.59%.

In related news, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.78, for a total transaction of $63,258.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the sale, the insider now owns 43,744 shares in the company, valued at $1,322,381.12. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the business. Rainey & Randall Investment Management Inc. raised its holdings in Bank of America by 3.5% during the 3rd quarter. Rainey & Randall Investment Management Inc. now owns 10,415 shares of the financial services provider’s stock worth $304,000 after buying an additional 356 shares during the period. Rowland & Co. Investment Counsel ADV raised its holdings in Bank of America by 9.7% during the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock worth $119,000 after buying an additional 360 shares during the period. Holderness Investments Co. raised its holdings in Bank of America by 0.6% during the 2nd quarter. Holderness Investments Co. now owns 64,230 shares of the financial services provider’s stock worth $1,863,000 after buying an additional 360 shares during the period. Kistler Tiffany Companies LLC raised its holdings in Bank of America by 2.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock worth $456,000 after buying an additional 365 shares during the period. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its holdings in Bank of America by 2.0% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 19,058 shares of the financial services provider’s stock worth $553,000 after buying an additional 368 shares during the period. Hedge funds and other institutional investors own 68.52% of the company’s stock.

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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