Bank of America (NYSE:BAC) Trading Up 1.4% - What's Next?

Shares of Bank of America Co. (NYSE:BAC) traded up 1.4% during trading on Tuesday . The stock traded as high as $44.19 and last traded at $43.99. 12,038,089 shares changed hands during trading, a decline of 69% from the average session volume of 39,272,776 shares. The stock had previously closed at $43.36.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday. They issued a "buy" rating and a $53.00 price target for the company. Piper Sandler lowered their price target on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Citigroup cut their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Finally, Truist Financial cut their price objective on shares of 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Price Performance

The stock has a fifty day moving average of $39.84 and a two-hundred day moving average of $43.52. The stock has a market cap of $332.27 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm 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%. On average, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share 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. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

Institutional Trading of Bank of America

A number of large investors have recently made changes to their positions in BAC. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter valued at $5,226,989,000. Capital World Investors boosted its stake in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Deutsche Bank AG boosted its stake in Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider's stock worth $2,007,718,000 after buying an additional 14,960,086 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Finally, Amundi raised its holdings in shares of Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. 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.