Bank of America (NYSE:BAC) Stock Price Up 0.1% Following Analyst Upgrade

Bank of America Co. (NYSE:BAC)'s share price rose 0.1% during mid-day trading on Tuesday after Oppenheimer raised their price target on the stock from $50.00 to $51.00. Oppenheimer currently has an outperform rating on the stock. Bank of America traded as high as $39.86 and last traded at $39.83. Approximately 7,048,494 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 45,202,520 shares. The stock had previously closed at $39.78.

Several other analysts also recently weighed in on BAC. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Piper Sandler lowered their price objective on shares of 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. 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. Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. cut their price target on 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 analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.25.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after buying an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new stake in Bank of America in the fourth quarter valued at approximately $5,226,989,000. Capital World Investors increased its stake in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

The stock's fifty day moving average is $40.36 and its 200-day moving average is $43.59. The stock has a market capitalization of $302.80 billion, a P/E ratio of 12.37, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results 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. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced 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 2.61%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

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.

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