Shares of Bank of America Co. (NYSE:BAC) were up 1% on Friday . The stock traded as high as $39.65 and last traded at $39.58. Approximately 5,127,094 shares changed hands during trading, a decline of 87% from the average daily volume of 39,110,156 shares. The stock had previously closed at $39.17.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on BAC shares. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Evercore ISI raised their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Wells Fargo & Company boosted their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Hold” and an average target price of $38.70.
Check Out Our Latest Stock Report on Bank of America
Bank of America Stock Up 1.4 %
The business’s 50 day simple moving average is $37.54 and its 200 day simple moving average is $34.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $310.47 billion, a PE ratio of 13.74, a P/E/G ratio of 1.73 and a beta of 1.37.
Bank of America (NYSE:BAC – Get Free Report) last released its quarterly earnings data 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 firm had revenue of $25.82 billion for 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 firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.94 earnings per share. As a group, analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Cetera Advisors LLC increased its position in shares of Bank of America by 239.1% during the first quarter. Cetera Advisors LLC now owns 562,242 shares of the financial services provider’s stock valued at $21,320,000 after acquiring an additional 396,437 shares during the last quarter. PGGM Investments boosted its position in shares of Bank of America by 668.7% during the 1st quarter. PGGM Investments now owns 230,910 shares of the financial services provider’s stock worth $8,756,000 after purchasing an additional 200,871 shares during the period. Redwood Grove Capital LLC boosted its position in shares of Bank of America by 6.0% during the 1st quarter. Redwood Grove Capital LLC now owns 345,300 shares of the financial services provider’s stock worth $13,094,000 after purchasing an additional 19,600 shares during the period. BigSur Wealth Management LLC increased its holdings 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 valued at $1,549,000 after purchasing an additional 26,850 shares during the last quarter. Finally, Atria Investments Inc lifted its stake in 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 worth $16,548,000 after purchasing an additional 18,529 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.
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.
See Also
Receive News & Ratings for Bank of America Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Bank of America and related companies with MarketBeat.com’s FREE daily email newsletter.
Source: defenseworld.net
