Bank of America (BAC) Cut to Hold at ValuEngine
- Author: Rita Burton Jan 18, 2018,
Jan 18, 2018, 13:42
Several other analysts also recently weighed in on the stock.
Bank of America Corp. The stock of Bank of America Corporation (NYSE:BAC) earned "Buy" rating by Wells Fargo on Wednesday, December 20. Credit Suisse Group upgraded Bank of America to an "outperform" rating and raised their target price for the stock from $32.00 to $35.00 in a research report on Thursday, January 4th. Mizuho maintained the shares of TTWO in report on Friday, November 6 with "Buy" rating.
Bank of America Corp has announced a profit of $2.4bn, or $0.20 per diluted share, in its quarter four results. The company has a consensus rating of "Buy" and a consensus price target of $29.14.
The lender joined other large U.S. banks, including JPMorgan Chase & Co and Citigroup Inc, in reporting multibillion-dollar charges because the new law requires them to write down the value its stockpile of deferred tax assets on its balance sheet. The institutional investor held 110,802 shares of the business services company at the end of 2017Q3, valued at $12.95 million, up from 95,655 at the end of the previous reported quarter. 615,589 are held by Hudson Bay Mngmt L P. Hm Payson Company stated it has 353,391 shares or 0.39% of all its holdings. The company has a market cap of $325,850.00, a P/E ratio of 18.16, a P/E/G ratio of 1.70 and a beta of 1.32.
Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th.
Bank of America (NYSE:BAC) reported Q4 2017 earnings this Morning, coming in at $0.47 per share, beating Wall Street's estimates of $0.44 per Share.More news: Women in Saudi Arabia allowed to attend soccer match for first time
For the fourth quarter, Bank of America reported adjusted revenue of $21.4 billion, falling short of estimates of $21.5 billion. During the same period in the prior year, the company posted $0.40 EPS.
Consumer banking revenue rose to $8.95 billion from $8.11 billion a year ago, while global banking revenue rose 10% to $5 billion, driven by a 4% increase in loans and a 5% increase in deposits.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Its down 0.08, from 1.12 in 2017Q2. Bank of America's dividend payout ratio (DPR) is 27.91%.
Bank of America announced that its board has authorized a share buyback plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in shares. Monetary Management Group Inc sold 30,000 shares as the company's stock declined 10.79% while stock markets rallied. 117 funds opened positions while 547 raised stakes. Maltese Capital Ltd Liability Corp has 1.88% invested in Bank of America Corporation (NYSE:BAC) for 865,400 shares. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider's stock valued at $1,070,762,000 after buying an additional 9,612,342 shares during the period. Janus Henderson Group PLC increased its stake in shares of Bank of America by 587.0% in the 2nd quarter. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued. Finally, Stillwater Investment Management LLC lifted its holdings in Bank of America by 0.3% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider's stock worth $582,536,000 after purchasing an additional 8,261,288 shares during the period.
Investors sentiment increased to 0.94 in 2017 Q3. Hg Vora Capital Management Llc who had been investing in Sinclair Broadcast Group Inc for a number of months, seems to be bullish on the $3.98B market cap company. Csenge Advisory Group acquired a new position in Bank of America in the 3rd quarter valued at approximately $469,000.
Gates Capital Management Inc, which manages about $3.48B and $3.53B US Long portfolio, upped its stake in Davita Inc (NYSE:DVA) by 366,824 shares to 2.41M shares, valued at $143.10 million in 2017Q3, according to the filing. It dropped, as 68 investors sold BAC shares while 569 reduced holdings. Wood downgraded Bank of America Corporation (NYSE:BAC) rating on Monday, May 16. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of US & global trademark & copyright legislation. Insight Capital Research & Management Inc who had been investing in Take for a number of months, seems to be bullish on the $13.27 billion market cap company. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in worldwide markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.