Bank of America (NYSE:BAC) Shares Gap Down - Here's What Happened

Bank of America Corporation (NYSE:BAC)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $48.66, but opened at $47.50. Bank of America shares last traded at $47.55, with a volume of 16,295,516 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BAC shares. Robert W. Baird reiterated a "neutral" rating and issued a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. Citigroup increased their target price on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Barclays decreased their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Cfra Research increased their target price on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, Morgan Stanley increased 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $48.33.

Bank of America Stock Performance

The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock has a 50 day simple moving average of $44.46 and a two-hundred day simple moving average of $43.47. The stock has a market capitalization of $355.28 billion, a P/E ratio of 14.04, a P/E/G ratio of 1.32 and a beta of 1.30.

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, beating analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. Bank of America's dividend payout ratio is currently 30.95%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Graney & King LLC acquired a new position in Bank of America in the 4th quarter valued at $25,000. Nova Wealth Management Inc. lifted its holdings in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after buying an additional 227 shares in the last quarter. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth $31,000. 70.71% of the stock is currently owned by institutional investors.

About Bank of America

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.