Bank of America (NYSE:BAC) Stock Price Down 4.3%

Bank of America Co. (NYSE:BAC) shares fell 4.3% on Tuesday . The stock traded as low as $34.15 and last traded at $34.40. 30,881,101 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 40,298,012 shares. The stock had previously closed at $35.95.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Oppenheimer dropped their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.23.

Bank of America Trading Up 1.5 %

The stock has a 50-day moving average of $35.55 and a 200 day moving average of $32.21. The stock has a market cap of $277.87 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the firm posted $0.94 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.73%. Bank of America’s dividend payout ratio is presently 33.22%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Schechter Investment Advisors LLC lifted its position in shares of Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares in the last quarter. Eastern Bank lifted its position in shares of Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after buying an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its position in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its position in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new position in Bank of America in the 4th quarter valued at $673,000. Hedge funds and other institutional investors 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.