Bank of America (NYSE:BAC) Shares Down 0.2% - Here's What Happened

Bank of America Co. (NYSE:BAC)'s share price fell 0.2% on Friday . The company traded as low as $39.31 and last traded at $39.52. 10,781,514 shares were traded during trading, a decline of 72% from the average session volume of 39,043,079 shares. The stock had previously closed at $39.58.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Truist Financial decreased their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Robert W. Baird raised 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 report on Friday, March 7th. UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. Finally, Oppenheimer boosted their target price on shares of Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America Price Performance

The company's fifty day moving average is $40.36 and its two-hundred day moving average is $43.59. 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 firm has a market capitalization of $304.11 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.60%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Collier Financial bought a new position in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc lifted its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in Bank of America in the fourth quarter valued at approximately $29,000. Finally, Vega Investment Solutions bought a new position in Bank of America in the fourth quarter valued at approximately $30,000. 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.