Bank of America (NYSE:BAC) Trading 0.1% Higher - What's Next?

Bank of America Co. (NYSE:BAC)'s stock price shot up 0.1% on Monday . The company traded as high as $45.14 and last traded at $44.71. 13,276,539 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 39,591,904 shares. The stock had previously closed at $44.69.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research 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 research note on Thursday, April 17th. Cfra Research increased their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, Evercore ISI decreased their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Price Performance

The stock has a market cap of $336.98 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 1.21 and a beta of 1.27. The stock's 50 day simple moving average is $40.03 and its two-hundred day simple moving average is $43.56. 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 (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal 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 given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.32%. Bank of America's payout ratio is 30.95%.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently modified their holdings of the business. Collier Financial bought a new stake in shares of Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc grew its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares in the last quarter. Graney & King LLC bought a new stake in shares of Bank of America during the 4th quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America in the fourth quarter valued at about $29,000. Finally, Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter worth about $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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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