Bank of America (NYSE:BAC) Trading Up 0.3%

Bank of America Co. (NYSE:BAC) was up 0.3% during mid-day trading on Monday . The company traded as high as $38.06 and last traded at $37.94. Approximately 5,923,628 shares were traded during trading, a decline of 86% from the average daily volume of 40,999,852 shares. The stock had previously closed at $37.83.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Keefe, Bruyette & Woods lifted their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Evercore ISI lifted their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of “Hold” and an average price target of $38.59.

Bank of America Trading Down 1.5 %

The firm has a market capitalization of $291.99 billion, a PE ratio of 12.80, a PEG ratio of 1.68 and a beta of 1.39. The company’s 50-day moving average price is $36.26 and its 200-day moving average price is $32.95. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 EPS. On average, sell-side analysts expect that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently modified their holdings of BAC. Fortis Group Advisors LLC purchased a new stake in Bank of America in the third quarter valued at $25,000. Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. Livelsberger Financial Advisory purchased a new stake in Bank of America in the fourth quarter valued at $28,000. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America in the fourth quarter valued at about $32,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the first quarter valued at about $33,000. 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.