Bank of America (NYSE:BAC) Shares Up 0.8% - What's Next?

Shares of Bank of America Co. (NYSE:BAC) traded up 0.8% on Wednesday . The stock traded as high as $41.21 and last traded at $41.18. 5,078,911 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 39,123,279 shares. The stock had previously closed at $40.84.

Analysts Set New Price Targets

BAC has been the topic of several recent research reports. Keefe, Bruyette & Woods dropped their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Truist Financial cut their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, six have issued 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 an average rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America Price Performance

The company has a 50-day moving average of $39.89 and a 200 day moving average of $43.50. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $311.36 billion, a PE ratio of 12.79, a PEG ratio of 1.21 and a beta of 1.27.

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. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. Bank of America's payout ratio is 30.95%.

Institutional Investors Weigh In On Bank of America

Hedge funds have recently modified their holdings of the company. Graney & King LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Collier Financial acquired a new stake in Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions purchased a new position 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 in the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

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.

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