Bank of America (NYSE:BAC) Shares Down 0% - What's Next?

Bank of America Co. (NYSE:BAC) was down 0% during mid-day trading on Tuesday . The stock traded as low as $44.46 and last traded at $44.76. Approximately 6,008,673 shares traded hands during trading, a decline of 85% from the average daily volume of 39,549,165 shares. The stock had previously closed at $44.77.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. Piper Sandler lowered their target price on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 16th. UBS Group raised their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Argus reduced their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and raised their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Evercore ISI dropped 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 report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $324.86 billion, a PE ratio of 13.40, a P/E/G ratio of 1.21 and a beta of 1.27. The firm has a fifty day moving average price of $40.27 and a 200 day moving average price of $43.59.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.41%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Institutional Trading of Bank of America

A number of hedge funds have recently modified their holdings of the business. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc boosted its holdings in shares of 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 worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new position 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 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter valued at $30,000. 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.