Bank of America Co. (NYSE:BAC) shares shot up 1.2% during trading on Wednesday . The company traded as high as $39.24 and last traded at $38.95. 8,185,389 shares were traded during trading, a decline of 79% from the average session volume of 39,561,090 shares. The stock had previously closed at $38.49.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the company. HSBC reissued a "hold" rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. UBS Group reissued 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. Morgan Stanley upgraded Bank of America from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Erste Group Bank upgraded shares of Bank of America from a "hold" rating to a "buy" rating in a research note on Wednesday, April 3rd. Finally, Citigroup increased 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $38.70.
Read Our Latest Research Report on Bank of America
Bank of America Price Performance
The stock has a market capitalization of $304.29 billion, a P/E ratio of 13.48, a price-to-earnings-growth ratio of 1.69 and a beta of 1.37. The business has a fifty day simple moving average of $36.96 and a 200 day simple moving average of $33.76. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.
Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS. On average, analysts expect that Bank of America Co. will post 3.23 earnings per share for the current year.
Bank of America Announces Dividend
The company 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. This represents a $0.96 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America's payout ratio is 33.22%.
Institutional Trading of Bank of America
A number of institutional investors and hedge funds have recently modified their holdings of BAC. Norges Bank bought a new stake in Bank of America in the 4th quarter valued at about $3,734,407,000. Vanguard Group Inc. raised its position in shares of Bank of America by 5.9% in the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider's stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider's stock valued at $1,255,514,000 after buying an additional 29,198,846 shares in the last quarter. Barclays PLC boosted its holdings in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider's stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the period. Finally, Alphinity Investment Management Pty Ltd raised its holdings in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider's stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.
About Bank of America
(
Get Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
