Bank of America Corporation (NYSE:BAC)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $48.24 and last traded at $48.24, with a volume of 25361393 shares traded. The stock had previously closed at $47.32.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the stock. Cfra Research increased their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Argus reduced their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Morgan Stanley upped their target price on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, June 23rd. Finally, Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.65.
Read Our Latest Research Report on BAC
Bank of America Stock Performance
The stock has a 50 day moving average price of $43.52 and a two-hundred day moving average price of $43.32. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market capitalization of $362.66 billion, a price-to-earnings ratio of 14.33, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30.
Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.
Bank of America Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.
Institutional Investors Weigh In On Bank of America
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock worth $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after acquiring an additional 226,246 shares during the period. Bridges Investment Management Inc. raised its position in shares of Bank of America by 0.6% during the 4th quarter. Bridges Investment Management Inc. now owns 40,869 shares of the financial services provider's stock valued at $1,796,000 after acquiring an additional 256 shares during the last quarter. Modera Wealth Management LLC raised its position in shares of Bank of America by 4.4% during the 4th quarter. Modera Wealth Management LLC now owns 85,891 shares of the financial services provider's stock valued at $3,775,000 after acquiring an additional 3,637 shares during the last quarter. Finally, Plato Investment Management Ltd lifted its stake in shares of Bank of America by 1.4% in the 4th quarter. Plato Investment Management Ltd now owns 171,614 shares of the financial services provider's stock valued at $7,570,000 after purchasing an additional 2,306 shares during the period. Institutional investors own 70.71% of the company's stock.
Bank of America Company Profile
(
Get Free Report)
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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