Bank of America (NYSE:BAC) Trading Up 0.9%

Bank of America Co. (NYSE:BAC)’s share price was up 0.9% during trading on Friday . The company traded as high as $37.53 and last traded at $37.20. Approximately 14,036,010 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 40,628,469 shares. The stock had previously closed at $36.88.

Analyst Ratings Changes

Several equities analysts have weighed in on BAC shares. BMO Capital Markets lifted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company increased their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Oppenheimer lifted their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, UBS Group reissued a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $38.70.

Bank of America Stock Performance

The firm has a market cap of $291.31 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37. The firm’s 50 day moving average is $36.39 and its 200-day moving average is $33.01. 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 announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued 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 yield of 2.58%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new position in Bank of America during the 4th quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD boosted its stake in Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Northern Trust Corp boosted its stake in Bank of America by 2.1% during the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after purchasing an additional 1,397,469 shares during the period. Charles Schwab Investment Management Inc. increased its position in Bank of America by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after buying an additional 1,315,056 shares during the period. Finally, Barclays PLC lifted its holdings in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.