Bank of America (NYSE:BAC) Shares Up 0.2% Following Analyst Upgrade

Bank of America Co. (NYSE:BAC) shares rose 0.2% on Tuesday after Oppenheimer raised their price target on the stock from $45.00 to $46.00. Oppenheimer currently has an outperform rating on the stock. Bank of America traded as high as $37.67 and last traded at $37.63. Approximately 5,770,010 shares changed hands during trading, a decline of 86% from the average daily volume of 40,824,316 shares. The stock had previously closed at $37.55.

A number of other research analysts have also recently weighed in on BAC. UBS Group reissued a "neutral" rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Keefe, Bruyette & Woods boosted their price target on Bank of America from $33.00 to $37.00 and gave the stock a "market perform" rating in a report on Friday, April 5th. Barclays increased their price objective on Bank of America from $39.00 to $43.00 and gave the company an "overweight" rating in a research note on Tuesday, January 2nd. Erste Group Bank upgraded shares of Bank of America from a "hold" rating to a "buy" rating in a report on Wednesday, April 3rd. Finally, Odeon Capital Group downgraded shares of Bank of America from a "buy" rating to a "hold" rating and set a $33.90 price target for the company. in a report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $38.59.

Institutional Investors Weigh In On Bank of America

Hedge funds have recently made changes to their positions in the business. Fortis Group Advisors LLC acquired a new position in Bank of America during the 3rd quarter valued at about $25,000. Glass Jacobson Investment Advisors llc increased its position in shares of 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 valued at $28,000 after purchasing an additional 504 shares during the period. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the 4th quarter worth $28,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter worth $32,000. Finally, Northwest Investment Counselors LLC bought a new position in Bank of America during the first quarter valued at about $33,000. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Down 1.5 %

The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $291.99 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The business has a fifty day moving average of $36.26 and a 200-day moving average of $32.95.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America's revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 earnings per share. On average, equities analysts anticipate 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. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Friday, June 7th. Bank of America's payout ratio is presently 33.22%.

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.