Citigroup Inc. Reiterates “Neutral” Rating for Bank of America Corporation (BAC)

Citigroup Inc. reissued their neutral rating on shares of Bank of America Corporation (NYSE:BAC) in a research note released on Monday morning. They currently have a $27.00 target price on the financial services provider’s stock, up from their previous target price of $25.00.

BAC has been the topic of a number of other reports. Vetr raised Bank of America Corporation from a buy rating to a strong-buy rating and set a $26.59 price target on the stock in a research note on Wednesday, August 30th. BidaskClub raised Bank of America Corporation from a hold rating to a buy rating in a research note on Friday, July 7th. Jefferies Group LLC reissued a buy rating on shares of Bank of America Corporation in a research note on Friday, July 7th. Royal Bank Of Canada restated a buy rating and issued a $26.00 price objective on shares of Bank of America Corporation in a report on Thursday, July 20th. Finally, Keefe, Bruyette & Woods restated an overweight rating on shares of Bank of America Corporation in a report on Thursday, July 13th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $24.88.

Bank of America Corporation (BAC) opened at 25.45 on Monday. The stock’s 50 day moving average is $24.65 and its 200 day moving average is $23.91. Bank of America Corporation has a 12 month low of $15.90 and a 12 month high of $26.30. The firm has a market cap of $267.64 billion, a PE ratio of 15.16 and a beta of 1.25.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The business had revenue of $22.80 billion for the quarter, compared to analyst estimates of $21.84 billion. During the same quarter last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corporation will post $1.79 earnings per share for the current year.

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Bank of America Corporation announced that its board has initiated a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.89%. The ex-dividend date was Wednesday, August 30th. This is an increase from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is presently 28.57%.

In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of Bank of America Corporation stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the sale, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in BAC. M Holdings Securities Inc. boosted its holdings in shares of Bank of America Corporation by 72.9% during the first quarter. M Holdings Securities Inc. now owns 95,018 shares of the financial services provider’s stock worth $2,242,000 after acquiring an additional 40,069 shares during the period. YHB Investment Advisors Inc. raised its position in shares of Bank of America Corporation by 17.2% in the second quarter. YHB Investment Advisors Inc. now owns 161,450 shares of the financial services provider’s stock valued at $3,917,000 after buying an additional 23,729 shares in the last quarter. Waldron LP raised its position in shares of Bank of America Corporation by 112.2% in the first quarter. Waldron LP now owns 24,550 shares of the financial services provider’s stock valued at $578,000 after buying an additional 12,978 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Bank of America Corporation by 21.3% in the first quarter. AQR Capital Management LLC now owns 8,462,687 shares of the financial services provider’s stock valued at $199,635,000 after buying an additional 1,483,772 shares in the last quarter. Finally, First National Trust Co. raised its position in shares of Bank of America Corporation by 48.2% in the first quarter. First National Trust Co. now owns 106,178 shares of the financial services provider’s stock valued at $2,505,000 after buying an additional 34,555 shares in the last quarter. Institutional investors own 61.64% of the company’s stock.

About Bank of America Corporation

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.

Analyst Recommendations for Bank of America Corporation (NYSE:BAC)

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