Bank of America (NYSE:BAC) Trading Up 0.7% on Analyst Upgrade

Bank of America Co. (NYSE:BAC) shares were up 0.7% on Thursday after UBS Group raised their price target on the stock from $46.00 to $50.00. UBS Group currently has a buy rating on the stock. Bank of America traded as high as $37.72 and last traded at $37.58. Approximately 12,348,556 shares were traded during trading, a decline of 68% from the average daily volume of 39,122,210 shares. The stock had previously closed at $37.33.

Other research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. HSBC raised Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Barclays cut their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Truist Financial dropped their price objective 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. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.43.

Institutional Trading of Bank of America

Large investors have recently made changes to their positions in the company. Lederer & Associates Investment Counsel CA increased its stake in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after purchasing an additional 217 shares in the last quarter. Avalon Trust Co lifted its position in Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC increased its holdings in Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares in the last quarter. Marino Stram & Associates LLC raised its stake in shares of Bank of America by 1.7% in the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock valued at $580,000 after purchasing an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management lifted its holdings in shares of Bank of America by 2.8% in the fourth quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock valued at $364,000 after purchasing an additional 223 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Down 1.9 %

The firm has a 50-day moving average price of $41.27 and a two-hundred day moving average price of $43.65. The company has a market capitalization of $278.95 billion, a price-to-earnings ratio of 11.39, 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 issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations 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, sell-side 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.83%. Bank of America's dividend payout ratio is 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.