Bank of America (NYSE:BAC) Trading Up 0.1% - Here's Why

Bank of America Co. (NYSE:BAC)'s stock price rose 0.1% on Thursday . The stock traded as high as $43.28 and last traded at $43.30. Approximately 9,084,370 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 44,179,512 shares. The stock had previously closed at $43.25.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Truist Financial decreased their target price on Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Trading Down 0.3%

The firm has a 50 day moving average price of $40.34 and a two-hundred day moving average price of $43.59. The firm has a market capitalization of $325.38 billion, a P/E ratio of 13.42, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, equities research analysts expect that Bank of America Co. will post 3.7 EPS 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 given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in BAC. Graney & King LLC acquired a new position in Bank of America during the 4th quarter worth $25,000. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter valued at about $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the 4th quarter worth about $29,000. Vega Investment Solutions acquired a new stake in Bank of America in the 4th quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 70.71% of the company's stock.

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.