Bank of America Co. (NYSE:BAC)'s stock price shot up 1.3% on Thursday after the company announced a dividend. The company traded as high as $39.28 and last traded at $39.24. 14,988,095 shares were traded during mid-day trading, a decline of 62% from the average session volume of 39,003,622 shares. The stock had previously closed at $38.75.
The newly announced dividend which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.
Wall Street Analyst Weigh In
BAC has been the subject of a number of analyst reports. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Evercore ISI dropped their price objective on 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. UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their price objective for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.25.
Read Our Latest Stock Report on BAC
Bank of America Stock Performance
The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company's 50 day moving average price is $40.48 and its 200-day moving average price is $43.60. The stock has a market cap of $302.44 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.
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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Institutional Trading of Bank of America
A number of hedge funds have recently bought and sold shares of BAC. Collier Financial purchased a new stake in shares of Bank of America during the 4th quarter valued at $25,000. Life Planning Partners Inc grew its position in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the fourth quarter worth about $29,000. Finally, Vega Investment Solutions purchased a new position in Bank of America in the fourth quarter valued at about $30,000. 70.71% of the stock is currently owned by institutional investors.
About Bank of America
(
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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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