Investors Sell Bank of America (BAC) on Strength (BAC)

Traders sold shares of Bank of America Corp (NYSE:BAC) on strength during trading hours on Monday. $175.52 million flowed into the stock on the tick-up and $271.57 million flowed out of the stock on the tick-down, for a money net flow of $96.05 million out of the stock. Of all stocks tracked, Bank of America had the 13th highest net out-flow for the day. Bank of America traded up $0.04 for the day and closed at $30.27

Separately, Wolfe Research assumed coverage on Bank of America in a research report on Tuesday, September 25th. They issued an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $33.35.

The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.94. The stock has a market cap of $301.78 billion, a P/E ratio of 16.45, a price-to-earnings-growth ratio of 1.46 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its earnings results on Monday, July 16th. The financial services provider reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. The company had revenue of $22.60 billion for the quarter, compared to the consensus estimate of $22.49 billion. Bank of America had a return on equity of 10.06% and a net margin of 20.86%. The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, analysts forecast that Bank of America Corp will post 2.52 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Thursday, September 6th. This is an increase from Bank of America’s previous quarterly dividend of $0.12. Bank of America’s payout ratio is currently 32.79%.

Bank of America announced that its board has initiated a stock buyback plan on Thursday, June 28th that permits the company to repurchase $20.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

In related news, insider Catherine P. Bessant sold 15,820 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $31.61, for a total value of $500,070.20. Following the sale, the insider now owns 483,680 shares in the company, valued at approximately $15,289,124.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of BAC. McKinley Carter Wealth Services Inc. purchased a new stake in Bank of America during the 1st quarter worth about $105,000. Cardinal Capital Management Inc. purchased a new stake in Bank of America during the 3rd quarter worth about $106,000. CSat Investment Advisory L.P. purchased a new stake in Bank of America during the 2nd quarter worth about $103,000. Quad Cities Investment Group LLC purchased a new stake in Bank of America during the 2nd quarter worth about $112,000. Finally, Well Done LLC purchased a new stake in Bank of America during the 1st quarter worth about $136,000. Hedge funds and other institutional investors own 65.08% of the company’s stock.

About Bank of America (NYSE:BAC)

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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