Bank of America (NYSE:BAC) Stock Price Up 0.1%

Shares of Bank of America Co. (NYSE:BAC) were up 0.1% during mid-day trading on Tuesday . The stock traded as high as $38.41 and last traded at $38.22. Approximately 4,877,276 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 39,350,941 shares. The stock had previously closed at $38.17.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of recent analyst reports. Cfra restated a “sell” rating and issued a $39.00 price objective on shares of Bank of America in a research note on Tuesday, July 16th. JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Evercore ISI boosted their target price on shares of Bank of America from $43.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Barclays increased their target price on shares of Bank of America from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.07.

Bank of America Stock Performance

The business’s fifty day moving average price is $40.23 and its 200-day moving average price is $37.79. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $309.45 billion, a PE ratio of 13.42, a P/E/G ratio of 1.41 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business had revenue of $25.38 billion for the quarter, compared to analyst estimates of $25.22 billion. During the same quarter in the prior year, the firm posted $0.88 EPS. Bank of America’s revenue was up .7% on a year-over-year basis. As a group, equities research analysts expect that Bank of America Co. will post 3.27 EPS for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 6th will be paid a dividend of $0.26 per share. This is a positive change from Bank of America’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.04 annualized dividend and a yield of 2.63%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Wednesday, July 24th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at approximately $402,577.37. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the completion of the transaction, the insider now owns 961,646,715 shares of the company’s stock, valued at $39,619,844,658. The disclosure for this sale can be found here. Insiders have sold a total of 56,549,666 shares of company stock valued at $2,403,801,723 in the last 90 days. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently modified their holdings of the company. Delos Wealth Advisors LLC raised its stake in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 547 shares in the last quarter. Fairway Wealth LLC bought a new position in shares of Bank of America during the 2nd quarter valued at $27,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the 4th quarter worth $28,000. POM Investment Strategies LLC lifted its stake in Bank of America by 839.0% in the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 646 shares during the last quarter. Finally, Bbjs Financial Advisors LLC purchased a new stake in Bank of America during the second quarter valued at about $30,000. 70.71% of the stock is currently owned by institutional investors.

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.