Bank of America (NYSE:BAC) Trading Up 0.7%

Shares of Bank of America Co. (NYSE:BAC) were up 0.7% during mid-day trading on Monday . The company traded as high as $42.06 and last traded at $41.87. Approximately 7,541,900 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 38,021,680 shares. The stock had previously closed at $41.59.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BAC shares. Jefferies Financial Group raised their price objective on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Seaport Res Ptn upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Cfra reiterated a “sell” rating and issued a $39.00 target price on shares of Bank of America in a report on Tuesday. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a report on Friday, April 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has a consensus rating of “Moderate Buy” and an average target price of $41.76.

Bank of America Stock Down 0.3 %

The firm’s 50-day moving average price is $39.81 and its 200 day moving average price is $36.78. The company has a market capitalization of $343.94 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.60 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $25.38 billion during the quarter, compared to analysts’ expectations of $25.22 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently added to or reduced their stakes in the stock. Delos Wealth Advisors LLC increased its position in Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. Bbjs Financial Advisors LLC acquired a new position in Bank of America during the 2nd quarter worth approximately $30,000. Livelsberger Financial Advisory acquired a new position in Bank of America during the 4th quarter worth approximately $28,000. Northwest Investment Counselors LLC bought a new stake in Bank of America during the 1st quarter worth approximately $33,000. Finally, Clearstead Trust LLC grew its holdings in Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 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.