Stock Update: Bank of America Corporation (NYSE:BAC) – Bank of America Declares Dividend on Series L and Series Y Preferred Stock

[Business Wire] – Bank of America Corporation today announced the Board of Directors authorized a regular quarterly cash dividend of $18.125 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L. Read more on this. Bank of America Corporation (BAC) , valued at $176.56B, started the session at $17.19. Looking at the stock, its one day range is $16.90 to $17.26 and has traded between $14.60 and $18.48 over the past year. BAC shares are currently priced at 12.10x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 15.20x forward p/e ratio. And for passive income investors, the company pays shareholders $0.20 per share annually in dividends, yielding 1.15%. Consensus earnings for the current quarter by the 28 sell-side analysts covering the stock is an estimate of $0.34 per share, which would be $0.09 better than the year-ago quarter and a $0.03 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $1.43 would be a $1.07 better when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $20.83 Billion. If reported, that would be a 9.86% increase over the year-ago quarter. More recently, Macquarie upgraded BAC from Underperform to Neutral (Aug 25, 2015). Previously, Robert W. Baird upgraded BAC from Neutral to Outperform. Given all the information above, we should disclose to readers that the average price target is $18.84, which is 9.60% above than it opened this morning. See more in (NYSE:BAC) Similar Articles: Market Update: Bank of America Corporation (NYSE:BAC) – Bank of America Merrill Lynch’s Director of Financial Gerontology Cyndi Hutchins Named Influencer in Aging by PBS’s Next Avenue Company Update: Bank of America Corporation (NYSE:BAC) – Bank of America Announces 2015 Art Conservation Project Grant Recipients Company Update (NYSE:BAC): Bank of America Declares Dividend on Series L Preferred Stock, Series Y Preferred Stock, and Series Z Preferred Stock