Bank of America Corp. (NYSE:BAC)‘s stock had its “market perform” rating reaffirmed by research analysts at Sanford C. Bernstein in a report released on Tuesday, StockRatingsNetwork reports. They currently have a $15.00 price objective on the stock. Sanford C. Bernstein’s price objective points to a potential upside of 6.84% from the company’s current price.
The analysts wrote, “In this report, we update our review of Bank of America’s legal issues following 3Q13 earnings to get an idea of what the company has settled to date, where we think its legal and putback-related reserves stand, and what its future financial exposure could be to additional mortgage putback claims and other legal actions. We estimate that BAC has taken in ~$51b in legal and mortgage putback-related reserve additions since 2008, and has paid out ~$33b in settlements and repurchases in the same period, leaving ~$18b in remaining total legal and putback reserves for remaining exposures. Our breakdown of BAC’s potential litigation and putback exposures implies that the company could need to add an additional ~$7.5b to reserves over the couple of years, which would create a modest headwind to our modeled estimates. However, we maintain our estimates and rate BAC Market-Perform, with a price target of $15.”
Bank of America Corp. (NYSE:BAC) traded down 0.71% during mid-day trading on Tuesday, hitting $13.9401. The stock had a trading volume of 13,606,596 shares. Bank of America Corp. has a one year low of $8.92 and a one year high of $15.03. The stock’s 50-day moving average is $14.20 and its 200-day moving average is $13.78. The company has a market cap of $148.9 billion and a price-to-earnings ratio of 21.34.
Bank of America Corp. (NYSE:BAC) last released its earnings data on Wednesday, October 16th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the 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 revenue for the quarter was up 5.3% on a year-over-year basis. Analysts expect that Bank of America Corp. will post $0.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, December 27th. Shareholders 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 0.28%. The ex-dividend date of this dividend is Wednesday, December 4th.
Other equities research analysts have also recently issued reports about the stock. Analysts at UBS AG cut their price target on shares of Bank of America Corp. from $16.00 to $15.60 in a research note to investors on Thursday, October 31st. They now have a “neutral” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Bank of America Corp. in a research note to investors on Thursday, October 17th. They now have a $15.50 price target on the stock. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the stock. Bank of America Corp. currently has an average rating of “Hold” and a consensus price target of $14.91.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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