Bank of America (NYSE:BAC) Stock Price Down 0.1%

Bank of America Co. (NYSE:BAC)'s share price fell 0.1% during trading on Monday . The company traded as low as $38.42 and last traded at $38.43. 4,841,251 shares were traded during mid-day trading, a decline of 88% from the average session volume of 39,819,105 shares. The stock had previously closed at $38.45.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BAC. JPMorgan Chase & Co. upped their target price on Bank of America from $39.50 to $40.50 and gave the stock an "overweight" rating in a research report on Wednesday, May 1st. Erste Group Bank upgraded shares of Bank of America from a "hold" rating to a "buy" rating in a report on Wednesday, April 3rd. Odeon Capital Group lowered shares of Bank of America from a "buy" rating to a "hold" rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. BMO Capital Markets lifted their price target on Bank of America from $36.00 to $37.00 and gave the company a "market perform" rating in a research note on Thursday, April 18th. Finally, Evercore ISI increased their price objective on Bank of America from $37.00 to $41.00 and gave the stock an "outperform" rating in a research note on Thursday, April 4th. 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. According to MarketBeat, Bank of America currently has a consensus rating of "Hold" and an average target price of $38.70.

Bank of America Trading Down 0.5 %

The stock's 50 day simple moving average is $36.84 and its two-hundred day simple moving average is $33.58. The stock has a market capitalization of $299.05 billion, a PE ratio of 13.28, a PEG 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 posted its quarterly earnings data 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 for 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 for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.94 earnings per share. On average, sell-side analysts expect that Bank of America Co. will post 3.23 EPS 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. Investors of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America's dividend payout ratio is currently 33.22%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Schechter Investment Advisors LLC grew its holdings in Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider's stock valued at $1,515,000 after buying an additional 4,187 shares in the last quarter. Ethos Financial Group LLC increased its holdings in Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider's stock worth $285,000 after acquiring an additional 492 shares during the period. Auxano Advisors LLC lifted its stake in Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider's stock worth $921,000 after purchasing an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its stake in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider's stock worth $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its holdings in Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider's stock valued at $2,273,000 after purchasing an additional 46,950 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of America

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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