Bank of America Co. (NYSE:BAC) Sees Large Increase in Short Interest

Bank of America Co. (NYSE:BAC) saw a significant growth in short interest during the month of April. As of April 30th, there was short interest totalling 72,030,000 shares, a growth of 11.2% from the April 15th total of 64,800,000 shares. Based on an average daily trading volume, of 38,920,000 shares, the short-interest ratio is presently 1.9 days. Currently, 0.9% of the company's shares are short sold.

Bank of America Trading Up 0.2 %

Bank of America stock traded up $0.07 during midday trading on Friday, reaching $39.29. 25,466,864 shares of the stock traded hands, compared to its average volume of 39,619,516. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $307.26 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.72 and a beta of 1.37. The company has a 50-day simple moving average of $37.18 and a two-hundred day simple moving average of $33.93. Bank of America has a 12-month low of $24.96 and a 12-month high of $39.49.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts' expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. Research analysts expect that Bank of America will post 3.23 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America's payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Jefferies Financial Group lifted their price target on Bank of America from $36.00 to $39.00 and gave the stock a "hold" rating in a report on Monday, April 8th. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, March 20th. BMO Capital Markets increased their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a "market perform" rating in a research note on Thursday, April 18th. Wells Fargo & Company lifted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an "overweight" rating in a research report on Thursday, March 28th. Finally, Evercore ISI increased their price objective on Bank of America from $37.00 to $41.00 and gave the stock an "outperform" rating in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $38.70.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the 3rd quarter valued at $25,000. Delos Wealth Advisors LLC raised its stake in Bank of America by 402.2% in the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider's stock valued at $26,000 after buying an additional 547 shares in the last quarter. Glass Jacobson Investment Advisors llc lifted its holdings in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider's stock worth $28,000 after buying an additional 504 shares during the last quarter. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the 4th quarter worth about $28,000. Finally, Criterion Capital Advisors LLC purchased a new position in shares of Bank of America in the 4th quarter valued at about $32,000. 70.71% of the stock is 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.