Bank of America (NYSE:BAC) Trading Down 0.4%

Bank of America Co. (NYSE:BAC) fell 0.4% on Wednesday . The company traded as low as $37.53 and last traded at $37.68. 5,267,166 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 40,187,387 shares. The stock had previously closed at $37.84.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Oppenheimer boosted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Citigroup boosted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. boosted their price target on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $38.70.

Bank of America Trading Down 0.3 %

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a fifty day moving average of $36.61 and a 200-day moving average of $33.31. The company has a market cap of $294.91 billion, a PE ratio of 13.05, a PEG ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. Sell-side analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Trading of Bank of America

Hedge funds have recently added to or reduced their stakes in the business. Joel Isaacson & Co. LLC raised its stake in Bank of America by 0.3% in the first quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after buying an additional 294 shares in the last quarter. CKW Financial Group lifted its stake in shares of Bank of America by 1.5% during the 1st quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock worth $753,000 after purchasing an additional 300 shares during the last quarter. Rossmore Private Capital boosted its position in Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares in the last quarter. Chemistry Wealth Management LLC grew its stake in Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after purchasing an additional 310 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC raised its holdings in Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares in the last quarter. 70.71% of the stock is 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.