Bank of America (NYSE:BAC) Trading Down 0.1%

Bank of America Co. (NYSE:BAC)’s stock price traded down 0.1% during mid-day trading on Thursday . The company traded as low as $38.33 and last traded at $38.96. 10,084,154 shares changed hands during trading, a decline of 74% from the average session volume of 38,703,293 shares. The stock had previously closed at $39.00.

Analysts Set New Price Targets

A number of research firms have commented on BAC. Evercore ISI upped their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Wells Fargo & Company lifted their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. UBS Group reissued a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Jefferies Financial Group lifted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, Piper Sandler increased their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 4th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Bank of America currently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Price Performance

The company has a market capitalization of $306.01 billion, a PE ratio of 13.53, a P/E/G ratio of 1.50 and a beta of 1.36. The company’s 50-day simple moving average is $38.78 and its 200-day simple moving average is $35.97. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.45%. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Trading of Bank of America

A number of institutional investors have recently modified their holdings of the business. Fortis Group Advisors LLC acquired a new position in Bank of America during the third quarter worth about $25,000. Delos Wealth Advisors LLC increased its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares during the last quarter. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the 4th quarter worth $28,000. Criterion Capital Advisors LLC acquired a new position in Bank of America in the fourth quarter valued at $32,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Bank of America during the first quarter worth about $33,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.