Bank of America (NYSE:BAC) Trading 0.4% Higher – Here’s What Happened

Bank of America Co. (NYSE:BAC) shares were up 0.4% on Wednesday . The stock traded as high as $43.72 and last traded at $43.46. Approximately 5,734,628 shares changed hands during trading, a decline of 84% from the average daily volume of 35,739,400 shares. The stock had previously closed at $43.28.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BAC shares. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Evercore ISI lowered their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $48.45.

Bank of America Price Performance

The company has a market capitalization of $326.94 billion, a PE ratio of 13.35, a PEG ratio of 1.21 and a beta of 1.32. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average price is $44.72 and its 200-day moving average price is $43.87.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.70 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.42%. Bank of America’s payout ratio is 32.30%.

Institutional Trading of Bank of America

Several large investors have recently added to or reduced their stakes in BAC. Norges Bank acquired a new stake in Bank of America during the 4th quarter valued at approximately $5,226,989,000. Capital World Investors grew its position in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares in the last quarter. Amundi grew its position in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares during the period. 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.