Bank of America (NYSE:BAC) Trading 0.3% Higher

Bank of America Co. (NYSE:BAC) shares shot up 0.3% during mid-day trading on Monday . The stock traded as high as $38.06 and last traded at $37.94. 5,923,628 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 40,999,852 shares. The stock had previously closed at $37.83.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Morgan Stanley raised shares of Bank of America from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the company an "overweight" rating in a report on Thursday, March 28th. Oppenheimer dropped their target price on Bank of America from $46.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 17th. UBS Group reiterated a "neutral" rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, HSBC restated a "hold" rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, Bank of America presently has an average rating of "Hold" and an average price target of $38.53.

Bank of America Trading Down 0.7 %

The stock has a market cap of $296.37 billion, a PE ratio of 13.06, a PEG ratio of 1.69 and a beta of 1.39. The company's fifty day moving average is $36.13 and its 200-day moving average is $32.80. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last released 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. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the business posted $0.94 EPS. The company's revenue was down 1.7% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.19 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. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.56%. Bank of America's dividend payout ratio is presently 33.22%.

Institutional Trading of Bank of America

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Silicon Valley Capital Partners raised its holdings in Bank of America by 20.3% in the 1st quarter. Silicon Valley Capital Partners now owns 213,255 shares of the financial services provider's stock worth $8,087,000 after purchasing an additional 36,016 shares during the period. Mn Services Vermogensbeheer B.V. purchased a new stake in shares of Bank of America in the first quarter valued at approximately $63,326,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Bank of America during the 1st quarter worth approximately $542,000. Baxter Bros Inc. lifted its position in shares of Bank of America by 3.8% during the 1st quarter. Baxter Bros Inc. now owns 115,181 shares of the financial services provider's stock valued at $4,368,000 after buying an additional 4,187 shares in the last quarter. Finally, James Hambro & Partners acquired a new stake in Bank of America in the 1st quarter valued at $203,000. 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.