Bank of America (NYSE:BAC) Shares Up 0.7%

Bank of America Co. (NYSE:BAC) traded up 0.7% during mid-day trading on Friday . The stock traded as high as $38.78 and last traded at $38.55. 8,538,415 shares were traded during trading, a decline of 79% from the average session volume of 40,000,172 shares. The stock had previously closed at $38.28.

Analysts Set New Price Targets

BAC has been the subject of several recent analyst reports. Erste Group Bank raised Bank of America from a "hold" rating to a "buy" rating in a report on Wednesday, April 3rd. BMO Capital Markets upped their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a "market perform" rating in a report on Thursday, April 18th. Oppenheimer raised their price target on shares of Bank of America from $45.00 to $46.00 and gave the stock an "outperform" rating in a report on Tuesday, April 30th. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the stock an "overweight" rating in a research report on Thursday, March 28th. Finally, Odeon Capital Group lowered Bank of America from a "buy" rating to a "hold" rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $38.70.

Bank of America Stock Performance

The company has a market capitalization of $300.65 billion, a PE ratio of 13.30, a P/E/G ratio of 1.66 and a beta of 1.37. 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 50-day simple moving average of $36.76 and a 200 day simple moving average of $33.38.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. Bank of America's revenue for the quarter was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.50%. Bank of America's dividend payout ratio (DPR) is 33.22%.

Hedge Funds Weigh In On Bank of America

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Fortis Group Advisors LLC purchased a new position in shares of Bank of America in the third quarter valued at $25,000. Delos Wealth Advisors LLC raised its position in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider's stock worth $26,000 after purchasing an additional 547 shares during the period. Glass Jacobson Investment Advisors llc boosted its position 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 valued at $28,000 after purchasing an additional 504 shares during the period. Livelsberger Financial Advisory bought a new position in Bank of America during the 4th quarter worth $28,000. Finally, Criterion Capital Advisors LLC acquired a new stake in Bank of America in the fourth quarter worth $32,000. 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.

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