Shares of Bank of America Co. (NYSE:BAC) shot up 1.2% during mid-day trading on Tuesday . The stock traded as high as $43.86 and last traded at $43.71. 10,127,263 shares traded hands during trading, a decline of 74% from the average session volume of 39,679,613 shares. The stock had previously closed at $43.20.
Wall Street Analyst Weigh In
A number of research firms have recently commented on BAC. Cfra Research boosted their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Argus decreased their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Truist Financial cut their price objective on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.
View Our Latest Research Report on BAC
Bank of America Stock Performance
The stock has a market cap of $332.76 billion, a P/E ratio of 13.70, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a fifty day moving average price of $40.42 and a 200 day moving average price of $43.59. 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 released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.35%. Bank of America's dividend payout ratio is currently 30.95%.
Institutional Investors Weigh In On Bank of America
A number of hedge funds have recently made changes to their positions in the business. Graney & King LLC purchased a new position in Bank of America during the 4th quarter valued at $25,000. Collier Financial bought a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth approximately $29,000. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter worth approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the 4th quarter worth approximately $31,000. 70.71% of the stock is currently owned by institutional investors.
Bank of America Company Profile
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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.
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