Bank of America (NYSE:BAC) Trading Up 1.5%

Shares of Bank of America Co. (NYSE:BAC) were up 1.5% on Tuesday . The stock traded as high as $38.30 and last traded at $38.29. Approximately 10,051,375 shares were traded during trading, a decline of 76% from the average daily volume of 41,378,871 shares. The stock had previously closed at $37.73.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BAC shares. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday. Oppenheimer lowered their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Barclays raised their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, HSBC restated a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Up 1.4 %

The stock has a 50 day moving average price of $35.77 and a 200 day moving average price of $32.48. The stock has a market capitalization of $301.97 billion, a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results 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. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the firm posted $0.94 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Hedge Funds Weigh In On Bank of America

Hedge funds have recently made changes to their positions in the stock. Schechter Investment Advisors LLC raised its position in shares of Bank of America by 8.2% during the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after acquiring an additional 4,187 shares during the last quarter. Eastern Bank raised its position in shares of Bank of America by 354.5% during the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after acquiring an additional 93,375 shares during the last quarter. Stonebridge Capital Advisors LLC raised its position in shares of Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares during the last quarter. Finally, Sarasin & Partners LLP bought a new position in shares of Bank of America during the fourth quarter worth about $673,000. 70.71% of the stock is currently owned by 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.