Bank of America (NYSE:BAC) Trading Up 0.5%

Bank of America Co. (NYSE:BAC)’s share price was up 0.5% on Tuesday . The stock traded as high as $40.29 and last traded at $40.22. Approximately 5,556,239 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 38,605,078 shares. The stock had previously closed at $40.01.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BAC shares. Oppenheimer increased their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their price target for the company from $37.00 to $46.00 in a research note on Friday, June 14th. StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. 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. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $39.79.

Bank of America Price Performance

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 company has a market cap of $314.69 billion, a PE ratio of 13.92, a PEG ratio of 1.52 and a beta of 1.35. The company’s 50-day simple moving average is $38.91 and its 200 day simple moving average is $36.12.

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. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the business earned $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.39%. Bank of America’s payout ratio is 33.22%.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently bought and sold shares of BAC. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth $3,734,407,000. Vanguard Group Inc. raised its stake in Bank of America by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd raised its stake in Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised 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 worth $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.