Bank of America (NYSE:BAC) Trading 1.1% Higher - Here's What Happened

Bank of America Corporation (NYSE:BAC)'s share price rose 1.1% during trading on Monday . The company traded as high as $47.79 and last traded at $47.83. Approximately 7,342,128 shares traded hands during trading, a decline of 82% from the average daily volume of 40,376,671 shares. The stock had previously closed at $47.32.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research report on Monday, June 30th. JPMorgan Chase & Co. lowered their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Evercore ISI lowered their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. The Goldman Sachs Group lifted their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.03.

Bank of America Price Performance

The firm has a market capitalization of $357.50 billion, a PE ratio of 13.88, a P/E/G ratio of 1.29 and a beta of 1.30. The business's 50 day moving average is $45.53 and its two-hundred day moving average is $43.64. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business had revenue of ($22,273.00) million for the quarter, compared to the consensus estimate of $26.79 billion. During the same quarter last year, the firm posted $0.83 EPS. The company's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.41%.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Gradient Investments LLC raised its position in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after acquiring an additional 50,296 shares during the period. Prudential Financial Inc. increased its position in shares of Bank of America by 13.7% during the fourth quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock worth $274,767,000 after acquiring an additional 753,880 shares during the period. Employees Retirement System of Texas lifted its stake in shares of Bank of America by 12.7% during the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after buying an additional 17,880 shares during the period. Prosperity Wealth Management Inc. purchased a new stake in Bank of America in the 1st quarter worth $998,000. Finally, Alpha Cubed Investments LLC lifted its stake in shares of Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 17,619 shares during the last quarter. 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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