Zacks reiterated their neutral rating on shares of Bank of America Corp. (NYSE:BAC) in a research report sent to investors on Tuesday morning, AnalystRatingsNetwork.com reports. The firm currently has a $15.00 price target on the stock.
Zacks’ analyst wrote, “Bank of America’s second-quarter 2013 earnings substantially outpaced the Zacks Consensus Estimate. Results benefited from a fall in operating expenses and a slowdown in provision for credit losses. Though the top line improved year over year, it was not a major driving factor. Improved credit quality across the major portfolios, higher brokerage income, growth in equity investment income and compelling investment banking performance were the other positives. Further, the company made significant progress in strengthening its balance sheet as evident from its improved capital ratios. Measures like balance sheet restructuring, expense reduction and branch consolidation promise better prospects going forward. However, continued pressure on the top line, a still low rate environment, continuous litigations and various issues related to the regulatory changes are expected to adversely impact the near-term results.”
Shares of Bank of America Corp. (NYSE:BAC) traded up 1.25% during mid-day trading on Tuesday, hitting $14.499. 13,771,081 shares of the company’s stock traded hands. Bank of America Corp. has a one year low of $8.03 and a one year high of $15.03. The stock has a 50-day moving average of $14.51 and a 200-day moving average of $13.09. The company has a market cap of $155.8 billion and a P/E ratio of 31.33.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 27th. Stockholders of record on Friday, September 6th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Wednesday, September 4th.
A number of other analysts have also recently weighed in on BAC. Analysts at Evercore Partners reiterated an overweight rating on shares of Bank of America Corp. (NYSE:BAC) in a research note to investors on Thursday, August 29th. They now have a $16.00 price target on the stock. Separately, analysts at TheStreet reiterated a hold rating on shares of Bank of America Corp. (NYSE:BAC) in a research note to investors on Wednesday, August 21st. Finally, analysts at Credit Suisse raised their price target on shares of Bank of America Corp. (NYSE:BAC) from $13.00 to $14.00 in a research note to investors on Wednesday, August 21st. They now have a neutral rating on the stock.
Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $14.02.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
To view Zacks’ full report, visit www.zacks.com
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