Bank of America (NYSE:BAC) Trading 1.7% Higher – Here’s Why

Bank of America Corporation (NYSE:BAC) shares shot up 1.7% during trading on Wednesday . The stock traded as high as $54.24 and last traded at $54.0690. 36,308,131 shares changed hands during trading, a decline of 9% from the average session volume of 40,091,848 shares. The stock had previously closed at $53.19.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAC. The Goldman Sachs Group cut their price target on Bank of America from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Phillip Securities raised their target price on shares of Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. Wolfe Research boosted their price target on shares of Bank of America from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, September 30th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.77.

Bank of America Trading Up 1.7%

The company has a market cap of $394.84 billion, a price-to-earnings ratio of 14.73 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s fifty day simple moving average is $51.95 and its two-hundred day simple moving average is $48.95.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.93 by $0.13. The firm had revenue of $5.35 billion for the quarter, compared to analyst estimates of $27.05 billion. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. Bank of America’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the business earned $0.81 EPS. On average, equities analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is 30.52%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Nova Wealth Management Inc. grew its position in shares of Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Quaker Wealth Management LLC boosted its stake in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 880 shares during the period. Wiser Advisor Group LLC purchased a new position in Bank of America during the 3rd quarter worth $27,000. RMG Wealth Management LLC purchased a new position in Bank of America during the 2nd quarter worth $28,000. Finally, Steph & Co. increased its stake in Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

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.