Bank of America (NYSE:BAC) Trading Up 1%

Shares of Bank of America Co. (NYSE:BAC) shot up 1% during mid-day trading on Friday . The stock traded as high as $39.65 and last traded at $39.58. 5,127,094 shares were traded during mid-day trading, a decline of 87% from the average session volume of 39,110,156 shares. The stock had previously closed at $39.17.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. BMO Capital Markets lifted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. UBS Group reissued a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday. Finally, Oppenheimer increased their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $38.70.

View Our Latest Stock Analysis on Bank of America

Bank of America Stock Performance

The stock has a market cap of $309.92 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.76 and a beta of 1.37. The stock’s 50-day moving average is $37.45 and its 200 day moving average is $34.26. 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:BACGet Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 EPS. As a group, analysts predict that Bank of America Co. will post 3.23 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.42%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PGGM Investments boosted its stake in shares of Bank of America by 668.7% in the 1st quarter. PGGM Investments now owns 230,910 shares of the financial services provider’s stock valued at $8,756,000 after purchasing an additional 200,871 shares in the last quarter. Redwood Grove Capital LLC boosted its holdings in Bank of America by 6.0% in the 1st quarter. Redwood Grove Capital LLC now owns 345,300 shares of the financial services provider’s stock worth $13,094,000 after buying an additional 19,600 shares during the period. BigSur Wealth Management LLC raised its position in Bank of America by 191.8% in the 1st quarter. BigSur Wealth Management LLC now owns 40,850 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 26,850 shares during the period. Atria Investments Inc boosted its stake in shares of Bank of America by 4.4% during the first quarter. Atria Investments Inc now owns 436,444 shares of the financial services provider’s stock valued at $16,548,000 after purchasing an additional 18,529 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Bank of America during the 1st quarter worth about $261,923,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Company Profile

(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.

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