Bank of America (NYSE:BAC) Given New $43.00 Price Target at Evercore ISI

Bank of America (NYSE:BAC) had its price target upped by Evercore ISI from $41.00 to $43.00 in a research note published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on BAC. Wolfe Research upgraded Bank of America from a peer perform rating to an outperform rating and set a $42.00 target price for the company in a research report on Friday, April 19th. UBS Group restated a neutral rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. HSBC restated a hold rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Seaport Res Ptn upgraded Bank of America from a hold rating to a strong-buy rating in a report on Tuesday. Finally, StockNews.com downgraded Bank of America from a hold rating to a sell rating in a report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $40.02.

Bank of America Price Performance

Bank of America stock opened at $40.89 on Wednesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $319.77 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.52 and a beta of 1.35. The business’s fifty day moving average is $39.00 and its two-hundred day moving average is $36.22. Bank of America has a 52 week low of $24.96 and a 52 week high of $41.20.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.94 earnings per share. Equities research analysts forecast that Bank of America will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Delos Wealth Advisors LLC boosted its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares during the last quarter. Livelsberger Financial Advisory acquired a new position in Bank of America during the fourth quarter valued at approximately $28,000. Northwest Investment Counselors LLC acquired a new position in Bank of America during the first quarter valued at approximately $33,000. Clearstead Trust LLC boosted its position in Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares during the last quarter. Finally, Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter valued at approximately $25,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Company Profile

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.