Analysts at Guggenheim hoisted their price target on shares of Bank of America Corp. (NYSE:BAC) from $16.00 to $17.00 in a research report issued to clients and investors on Tuesday, American Banking News reports. The firm currently has a “neutral” rating on the stock. Guggenheim’s price target points to a potential upside of 8.07% from the stock’s previous close.
The analysts wrote, “Until short-term interest rates are expected to rise soon or regulators loosen their grip on excess capital, we believe investors should begin to be more selectively focused on banks with the potential for earnings momentum and a relative discount in valuation.”
Shares of Bank of America Corp. (NYSE:BAC) traded down 1.27% on Tuesday, hitting $15.53. 47,586,152 shares of the company’s stock traded hands. Bank of America Corp. has a 52-week low of $9.77 and a 52-week high of $15.98. The stock’s 50-day moving average is $14.66 and its 200-day moving average is $14.11. The company has a market cap of $165.6 billion and a P/E ratio of 23.98.
Bank of America Corp. (NYSE:BAC) last announced its earnings results on Wednesday, October 16th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.01. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.11 billion. The company’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts predict that Bank of America Corp. will post $0.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, December 27th. Stockholders of record on Friday, December 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 0.25%. The ex-dividend date of this dividend is Wednesday, December 4th.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Bank of America Corp. in a research note to investors on Monday. They now have a $16.50 price target on the stock. Separately, analysts at TheStreet reiterated a “hold” rating on shares of Bank of America Corp. in a research note to investors on Monday, November 18th. Finally, analysts at TheStreet reiterated a “hold” rating on shares of Bank of America Corp. in a research note to investors on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $14.98.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.