Bank of America Corporation (NYSE:BAC) rose 1% on Tuesday . The company traded as high as $48.03 and last traded at $47.98. Approximately 8,000,102 shares changed hands during trading, a decline of 80% from the average daily volume of 40,345,884 shares. The stock had previously closed at $47.48.
Analysts Set New Price Targets
Several equities analysts recently commented on BAC shares. The Goldman Sachs Group upped their target price on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and raised their target price for the company from $47.00 to $51.00 in a report on Monday, July 7th. Truist Financial raised their price target on shares of Bank of America from $51.00 to $53.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada set a $53.00 price objective on shares of Bank of America and gave the company an "outperform" rating in a research report on Monday, June 30th. Finally, Citigroup boosted their price objective on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.03.
Check Out Our Latest Stock Report on BAC
Bank of America Price Performance
The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The firm has a market cap of $359.77 billion, a P/E ratio of 13.97, a PEG ratio of 1.29 and a beta of 1.30. The company has a fifty day moving average price of $45.53 and a two-hundred day moving average price of $43.64.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter in the prior year, the company posted $0.83 EPS. Bank of America's quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.18%. Bank of America's dividend payout ratio (DPR) is currently 30.41%.
Institutional Trading of Bank of America
Several hedge funds have recently bought and sold shares of the company. Graney & King LLC bought a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Nova Wealth Management Inc. raised its stake in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after purchasing an additional 227 shares during the last quarter. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America during the 4th quarter valued at about $34,000. 70.71% of the stock is currently owned by institutional investors.
About Bank of America
(
Get Free Report)
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.
Further Reading
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