Bank of America (NYSE:BAC) Sets New 1-Year High at $38.50

Shares of Bank of America Co. (NYSE:BAC) reached a new 52-week high on Wednesday . The company traded as high as $38.50 and last traded at $38.27, with a volume of 8992730 shares. The stock had previously closed at $38.37.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on BAC shares. BMO Capital Markets boosted their price target on shares of 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. UBS Group reissued a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. Finally, HSBC reiterated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Stock Down 0.1 %

The firm has a market capitalization of $302.37 billion, a P/E ratio of 13.26, a PEG ratio of 1.70 and a beta of 1.39. The firm’s 50 day moving average is $35.88 and its two-hundred day moving average is $32.57. 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) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm 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%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. Research analysts predict that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Hedge Funds Weigh In On Bank of America

Several hedge funds and other institutional investors have recently modified their holdings of the business. Schechter Investment Advisors LLC increased its holdings in shares of Bank of America by 8.2% during the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC grew 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 valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Sarasin & Partners LLP purchased a new stake in shares of Bank of America in the fourth quarter worth about $673,000. Finally, Pinnacle Associates Ltd. grew its position in shares of Bank of America by 30.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after purchasing an additional 225,767 shares in the last quarter. Institutional investors 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.