Bank of America (NYSE:BAC) Trading 1.8% Higher – Time to Buy?

Bank of America Co. (NYSE:BAC) shares were up 1.8% during mid-day trading on Friday . The company traded as high as $45.17 and last traded at $44.93. Approximately 9,036,918 shares traded hands during trading, a decline of 77% from the average daily volume of 39,636,740 shares. The stock had previously closed at $44.12.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. TD Cowen assumed coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Finally, Truist Financial lowered their target price on Bank of America from $50.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Trading Up 1.4%

The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a 50 day moving average of $40.71 and a 200 day moving average of $43.48. The stock has a market capitalization of $339.01 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently made changes to their positions in the stock. Avalon Trust Co boosted its holdings in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC lifted its position in Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock worth $390,000 after acquiring an additional 220 shares during the last quarter. Consolidated Planning Corp boosted its holdings in Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 226 shares during the period. TAGStone Capital Inc. grew its position in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 227 shares during the last quarter. Finally, TFB Advisors LLC increased its stake in shares of Bank of America by 3.8% in the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 230 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.