Bank of America (NYSE:BAC) Trading 0.6% Higher - Time to Buy?

Bank of America Co. (NYSE:BAC)'s share price was up 0.6% during mid-day trading on Monday . The company traded as high as $41.40 and last traded at $41.33. Approximately 7,350,779 shares were traded during trading, a decline of 81% from the average daily volume of 39,153,527 shares. The stock had previously closed at $41.07.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. 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. Barclays cut their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Truist Financial reduced their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.25.

Bank of America Stock Up 0.5 %

The firm's 50-day simple moving average is $40.01 and its 200 day simple moving average is $43.53. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $313.66 billion, a P/E ratio of 12.82, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for 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%. As a group, research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.52%. Bank of America's dividend payout ratio is presently 30.95%.

Institutional Trading of Bank of America

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

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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