Bank of America Corp now has a consensus rating of "Buy" and a consensus price target of $21.85.
Several research firms have weighed in on BAC.
Average price target for Bank of America Corporation (NYSE:BAC) stock is $25.39, according to consensus of 28 analysts. They noted that the move was a valuation call.
11/21/2016 - Bank Of New York Mellon Corporation (The) was downgraded to " by analysts at Buckingham Research. Looking at this figure it suggests that the shares of The Bank of New York Mellon Corporation (BK) may be overvalued, however, this can also depend upon the situation of the market; if the market is strong then it could suggest that The Bank of New York Mellon Corporation (BK) is a good investment, however if the market is weaker then it could suggest that the shares are undervalued. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. They now have a United States dollars 49 price target on the stock.
Currently, the stock carries a price to earnings ratio of 21.44, a price to book ratio of 1.07, and a price to sales ratio of 0.96. The stock climbed 1.27 percent over the past quarter, while surged 47.64 percent over the past six months.
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The price/earnings ratio (P/E) is 15.57 and the forward P/E ratio stands at 11.04. Bank of America's 50-day moving average is $24.42 and its 200-day moving average is $21.07.
Bank of America Corporation (NYSE:BAC) has a 52-week high of $25.8 and a 52-week low of $12.05.
Bank Of New York Mellon Corporation (The) had its " rating reiterated by analysts at Deutsche Bank. Analysts are forecasting earnings of $0.8 on a per share basis this quarter. Bank of America Corp had a net margin of 18.10% and a return on equity of 6.85%. The business had revenue of $3.79 billion for the quarter, compared to analysts' expectations of $3.85 billion. During the twelve month it added 83.71% and year to date performance of 5.57%. The business's revenue was up 2.1% compared to the same quarter past year. Bank of New York Mellon Corp makes up about 4.4% of Gibraltar Capital Management Inc.'s portfolio, making the stock its 8th largest position.
COPYRIGHT VIOLATION NOTICE: This piece was first posted by Community Financial News and is the sole property of of Community Financial News. If you are viewing this report on another domain, it was illegally copied and reposted in violation of US & worldwide copyright & trademark legislation. The legal version of this piece can be read at https://baseballnewssource.com/markets/clough-capital-partners-l-p-sells-882600-shares-of-bank-of-america-corp-bac/577500.html. In terms of the mechanics underlying that movement, traders will want to note that the stock is trading on a float of 0.66% with $1.03 Billion sitting short, betting on future declines. The shares were sold at an average price of $45.07, for a total transaction of $8,999,397.32. 878,526 shares of the company's stock were exchanged. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Cornerstone Advisors Inc. boosted its position in Bank of New York Mellon Corp by 27.2% in the third quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd bought a new position in Bank of New York Mellon Corp during the third quarter valued at $758,000. The forecast of 5 surveyed investment analysts covering the stock advises investors to Buy stake in the company. The company earned $20 billion during the quarter. Analysts predict that Bank of America Corp will post $1.75 EPS for the current fiscal year. The stock is a Buy among 5 brokerage firms polled by Factset Research.
01/20/2017 - Bank Of New York Mellon Corporation (The) had its " rating reiterated by analysts at UBS. Sandhill Capital Partners LLC now owns 862,984 shares of the financial services provider's stock worth $19,072,000 after buying an additional 34,227 shares during the last quarter. Institutional investors own 82.83% of the company's stock. The analysts offering Earnings Estimates for the company were believing that Bank of America Corporation (BAC) could bring EPS of $0.38/share.