Bank of America (NYSE:BAC) Stock Price Down 1.6% - Should You Sell?

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. UBS Group upped their price objective 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. Argus cut their target price on 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. Keefe, Bruyette & Woods lowered their price target 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 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 investment 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.25.

Bank of America Stock Up 2.1 %

The business's 50-day simple moving average is $40.07 and its 200-day simple moving average is $43.52. The company has a market capitalization of $311.75 billion, a PE ratio of 12.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (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%. As a group, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS 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. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Morse Asset Management Inc acquired a new position in shares of Bank of America during the 3rd quarter worth approximately $306,000. SkyView Investment Advisors LLC lifted its position in shares of Bank of America by 4.3% during the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider's stock valued at $619,000 after buying an additional 645 shares in the last quarter. Pine Valley Investments Ltd Liability Co grew its stake in Bank of America by 2.2% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 16,579 shares of the financial services provider's stock valued at $658,000 after acquiring an additional 356 shares during the period. Finally, World Investment Advisors LLC increased its holdings in Bank of America by 86.7% in the 3rd quarter. World Investment Advisors LLC now owns 116,951 shares of the financial services provider's stock worth $4,641,000 after acquiring an additional 54,302 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.