Bank of America (NYSE:BAC) Shares Down 1.6% - Here's Why

Bank of America Co. (NYSE:BAC) shares fell 1.6% during mid-day trading on Wednesday . The company traded as low as $38.81 and last traded at $39.37. 9,687,584 shares were traded during mid-day trading, a decline of 79% from the average session volume of 45,102,406 shares. The stock had previously closed at $39.99.

Analyst Ratings Changes

Several brokerages have recently weighed in on BAC. Argus dropped their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. UBS Group boosted their price objective on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Piper Sandler dropped their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, Oppenheimer upped their price objective on Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. One investment 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. According to data from MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America Trading Up 2.3 %

The firm has a market capitalization of $312.32 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 1.21 and a beta of 1.27. 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 has a 50 day moving average price of $40.01 and a two-hundred day moving average price of $43.52.

Bank of America (NYSE:BAC - Get Free Report) last released 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 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%. On average, research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

Hedge Funds Weigh In On Bank of America

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Collier Financial acquired a new stake in Bank of America during the 4th quarter worth $25,000. Life Planning Partners Inc increased its position 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 in the last quarter. Graney & King LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America in the 4th quarter valued at about $30,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.