Bank of America Co. (NYSE:BAC) announced a quarterly dividend on Thursday, April 22nd, RTT News reports. Stockholders of record on Friday, June 4th will be given a dividend of 0.18 per share by the financial services provider on Friday, June 25th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.88%.
Bank of America has raised its dividend payment by 84.6% over the last three years and has raised its dividend annually for the last 1 consecutive years.
BAC stock opened at $38.36 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. The company’s fifty day simple moving average is $38.46 and its 200 day simple moving average is $31.61. Bank of America has a 12-month low of $20.10 and a 12-month high of $40.38. The firm has a market cap of $330.94 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 2.13 and a beta of 1.59.
A number of research firms recently weighed in on BAC. Morgan Stanley upped their price target on Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a research note on Monday, March 8th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of America from $35.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, April 1st. Credit Suisse Group boosted their price objective on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Wednesday, January 20th. Robert W. Baird lifted their target price on Bank of America from $38.00 to $42.00 and gave the company an “outperform” rating in a research report on Friday, April 16th. Finally, Jefferies Financial Group raised their price objective on Bank of America from $33.00 to $41.00 and gave the company a “hold” rating in a research note on Friday, April 9th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $37.32.
Bank of America announced that its board has authorized a stock repurchase plan on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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