Bank of America (NYSE:BAC) Price Target Increased to $41.00 by Analysts at Jefferies Financial Group

Bank of America (NYSE:BAC) had its price target upped by Jefferies Financial Group from $39.00 to $41.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a hold rating on the financial services provider’s stock.

A number of other research analysts also recently commented on the stock. BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a market perform rating in a research note on Thursday, April 18th. Piper Sandler increased their target price on shares of Bank of America from $35.00 to $37.00 and gave the stock an underweight rating in a research report on Tuesday, June 4th. Citigroup increased their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a neutral rating in a research report on Wednesday, March 20th. UBS Group reissued 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. Finally, Seaport Res Ptn raised shares of Bank of America from a hold rating to a strong-buy rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $40.02.

Bank of America Trading Down 0.1 %

NYSE BAC opened at $40.89 on Wednesday. Bank of America has a 12 month low of $24.96 and a 12 month high of $41.20. The company has a 50-day moving average of $39.00 and a 200-day moving average of $36.22. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company 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.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts predict that Bank of America will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

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

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently made changes to their positions in the business. Joel Isaacson & Co. LLC increased its position in Bank of America by 0.3% in the first quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after buying an additional 294 shares during the period. Round Hill Asset Management increased its position in Bank of America by 2.2% in the first quarter. Round Hill Asset Management now owns 14,070 shares of the financial services provider’s stock worth $534,000 after buying an additional 297 shares during the period. CKW Financial Group increased its position in Bank of America by 1.5% in the first quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock worth $753,000 after buying an additional 300 shares during the period. Rossmore Private Capital increased its position in Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after buying an additional 303 shares during the period. Finally, Chemistry Wealth Management LLC increased its position in Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after buying an additional 310 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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