Bank of America (NYSE:BAC) Shares Down 0% - Time to Sell?

Bank of America Co. (NYSE:BAC) shares were down 0% on Tuesday . The stock traded as low as $40.56 and last traded at $41.12. Approximately 7,030,625 shares changed hands during trading, a decline of 82% from the average daily volume of 39,127,028 shares. The stock had previously closed at $41.12.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAC. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Evercore ISI reduced their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Finally, Argus reduced their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.25.

Bank of America Stock Performance

The company has a 50-day moving average of $39.70 and a 200 day moving average of $43.48. The firm has a market capitalization of $314.53 billion, a PE ratio of 12.97, a PEG ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.49%. Bank of America's payout ratio is 30.95%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BAC. Graney & King LLC bought a new position in Bank of America in the 4th quarter worth $25,000. Collier Financial bought a new position in shares of Bank of America during the 4th quarter valued at approximately $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter valued at $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the 4th quarter worth $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of Bank of America during the 4th quarter valued at about $31,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Company Profile

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.