Bank of America (NYSE:BAC) Stock Price Up 1.1%

Bank of America Co. (NYSE:BAC) shares rose 1.1% during mid-day trading on Tuesday . The stock traded as high as $38.64 and last traded at $38.62. Approximately 5,742,035 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 39,655,715 shares. The stock had previously closed at $38.21.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Jefferies Financial Group increased their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a "hold" rating in a research note on Monday, April 8th. BMO Capital Markets raised their price objective on Bank of America from $36.00 to $37.00 and gave the stock a "market perform" rating in a research note on Thursday, April 18th. Oppenheimer boosted their target price on Bank of America from $45.00 to $46.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 30th. Wolfe Research upgraded Bank of America from a "peer perform" rating to an "outperform" rating and set a $42.00 price target for the company in a research report on Friday, April 19th. 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 issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Bank of America has an average rating of "Hold" and a consensus target price of $38.70.

Bank of America Stock Up 0.7 %

The business has a 50 day moving average price of $36.90 and a 200 day moving average price of $33.66. The firm has a market capitalization of $301.05 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 1.70 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.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating 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 business had revenue of $25.82 billion during the quarter, compared to analysts' expectations of $25.49 billion. During the same quarter last year, the company earned $0.94 earnings per share. The firm's revenue was down 1.7% on a year-over-year basis. On average, analysts predict that Bank of America Co. will post 3.23 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America's dividend payout ratio is 33.22%.

Institutional Investors Weigh In On Bank of America

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital International Sarl raised its position in Bank of America by 4.1% in the 1st quarter. Capital International Sarl now owns 318,411 shares of the financial services provider's stock valued at $12,074,000 after purchasing an additional 12,467 shares during the last quarter. Capital International Ltd. CA raised its position in shares of Bank of America by 1.9% during the first quarter. Capital International Ltd. CA now owns 280,839 shares of the financial services provider's stock worth $10,649,000 after acquiring an additional 5,276 shares during the last quarter. Capital International Inc. CA lifted its stake in shares of Bank of America by 9.2% during the first quarter. Capital International Inc. CA now owns 279,301 shares of the financial services provider's stock valued at $10,591,000 after acquiring an additional 23,451 shares during the period. Capital Group Investment Management PTE. LTD. boosted its holdings in Bank of America by 2.1% in the first quarter. Capital Group Investment Management PTE. LTD. now owns 60,082 shares of the financial services provider's stock valued at $2,278,000 after acquiring an additional 1,228 shares during the last quarter. Finally, Atalanta Sosnoff Capital LLC raised its position in shares of Bank of America by 9.0% during the 1st quarter. Atalanta Sosnoff Capital LLC now owns 209,619 shares of the financial services provider's stock valued at $7,949,000 after acquiring an additional 17,330 shares during the last quarter. 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.