Bank of America (NYSE:BAC) Trading 1.2% Higher - What's Next?

Shares of Bank of America Co. (NYSE:BAC) traded up 1.2% during trading on Thursday . The stock traded as high as $41.60 and last traded at $41.41. 8,597,561 shares were traded during mid-day trading, a decline of 78% from the average session volume of 39,147,614 shares. The stock had previously closed at $40.93.

Analysts Set New Price Targets

Several brokerages have weighed in on BAC. Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Truist Financial reduced their price target on Bank of America from $50.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Oppenheimer raised their price target on Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $47.25.

Bank of America Stock Performance

The company has a 50-day moving average of $39.69 and a 200-day moving average of $43.48. The firm has a market capitalization of $315.21 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 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 business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, equities analysts anticipate 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 declared 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. 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 2.49%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Graney & King LLC bought a new stake in shares of Bank of America in the 4th quarter worth $25,000. Collier Financial bought a new position in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the fourth quarter valued at $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter worth $31,000. 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.