Bank of America Corp (NYSE:BAC) was the target of a significant drop in short interest in February. As of February 28th, there was short interest totalling 128,697,201 shares, a drop of 8.6% from the February 15th total of 140,761,347 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average daily trading volume, of 64,296,718 shares, the days-to-cover ratio is currently 2.0 days.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after purchasing an additional 9,117,007 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Bank of America by 5.8% in the fourth quarter. Bank of New York Mellon Corp now owns 104,558,690 shares of the financial services provider’s stock valued at $3,086,572,000 after purchasing an additional 5,720,403 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in Bank of America by 1.7% in the second quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after purchasing an additional 1,079,788 shares in the last quarter. Legal & General Group Plc raised its stake in Bank of America by 0.7% in the third quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares in the last quarter. 69.92% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on BAC shares. Instinet decreased their target price on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets lifted their price objective on shares of Bank of America to $34.00 and gave the stock an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price objective on shares of Bank of America in a research report on Friday, December 8th. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Tuesday, January 2nd. Finally, Wells Fargo set a $35.00 price objective on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, December 20th. Ten research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $30.89.
Shares of Bank of America (NYSE:BAC) opened at $32.17 on Friday. The stock has a market cap of $330,720.00, a PE ratio of 18.49, a PEG ratio of 1.63 and a beta of 1.36. Bank of America has a 52-week low of $22.07 and a 52-week high of $33.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last announced its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. Bank of America’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.40 earnings per share. sell-side analysts forecast that Bank of America will post 2.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.49%. Bank of America’s payout ratio is presently 27.59%.
Bank of America announced that its Board of Directors has initiated a share buyback plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
ILLEGAL ACTIVITY WARNING: “Short Interest in Bank of America Corp (BAC) Decreases By 8.6%” was first published by The Lincolnian Online and is owned by of The Lincolnian Online. If you are accessing this news story on another site, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this news story can be viewed at https://www.thelincolnianonline.com/2018/03/17/short-interest-in-bank-of-america-corp-bac-decreases-by-8-6.html.
Bank of America Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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.