Stock Update (NYSE:BAC): Bank of America Corp Declares Quarterly Stock Dividends
Bank of America Corp (NYSE:BAC) announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.05 per share, payable September 25 to shareholders of record as of September 4. The board also declared a regular quarterly cash dividend of $1.75 per share on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable October 23 to shareholders of record as of October 9. (Original Source)
Shares of Bank of America opened today at $18.39 and are currently trading down one percent at $18.26. BAC has a 1-year high of $18.43 and a 1-year low of $14.84. The stock’s 50-day moving average is $17.31 and its 200-day moving average is $16.33.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on July 20, Jefferies Co. analyst Ken Usdin maintained a Buy rating on BAC, with a price target of $21, which represents a potential upside of 14.2% from where the stock is currently trading. Separately, on the same day, RBC’s Joseph Morford reiterated a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ken Usdin and Joseph Morford have a total average return of 12.3% and 15.7% respectively. Usdin has a success rate of 85.5% and is ranked #328 out of 3713 analysts, while Morford has a success rate of 85.2% and is ranked #584.
Overall, 2 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $18.90 which is 2.8% above where the stock opened today.