Shares of Bank of America Co. (NYSE:BAC) traded up 3.7% during mid-day trading on Monday . The stock traded as high as $43.96 and last traded at $43.33. 17,393,740 shares were traded during trading, a decline of 56% from the average session volume of 39,266,343 shares. The stock had previously closed at $41.79.
Analyst Ratings Changes
Several equities research analysts recently issued reports on the company. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Barclays dropped their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Cfra Research upped their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price objective 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. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $47.25.
Read Our Latest Stock Report on BAC
Bank of America Trading Up 3.7%
The company has a market capitalization of $326.54 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The business has a fifty day moving average price of $39.69 and a 200 day moving average price of $43.49. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. On average, analysts expect 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 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 dividend yield of 2.40%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.
Institutional Investors Weigh In On Bank of America
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors grew its holdings in 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 acquiring an additional 17,031,143 shares during the period. Deutsche Bank AG grew its holdings in Bank of America by 45.1% during the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Bank of America by 10.6% during the 4th 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 acquiring an additional 11,691,451 shares during the period. Finally, Amundi grew its holdings in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Institutional investors own 70.71% of the company's stock.
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.
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