Traders Buy Shares of Bank of America Corporation (BAC) on Weakness

Traders purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading on Tuesday. $336.36 million flowed into the stock on the tick-up and $267.28 million flowed out of the stock on the tick-down, for a money net flow of $69.08 million into the stock. Of all equities tracked, Bank of America Corporation had the 7th highest net in-flow for the day. Bank of America Corporation traded down ($0.06) for the day and closed at $24.90

A number of equities research analysts have recently weighed in on the company. BidaskClub raised Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday. Instinet reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research note on Saturday, July 22nd. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. UBS AG reaffirmed a “neutral” rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research note on Friday, July 21st. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research note on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $23.74.

The company has a market capitalization of $261.86 billion, a PE ratio of 14.83 and a beta of 1.27. The company’s 50 day moving average is $24.09 and its 200-day moving average is $23.71.

Bank of America Corporation (NYSE:BAC) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter last year, the company posted $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. On average, analysts predict that Bank of America Corporation will post $1.82 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.93%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is currently 17.86%.

Bank of America Corporation declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

A number of institutional investors have recently modified their holdings of BAC. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America Corporation during the second quarter worth about $100,000. Armbruster Capital Management Inc. boosted its position in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares in the last quarter. Integrated Investment Consultants LLC boosted its position in shares of Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock worth $103,000 after buying an additional 500 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares in the last quarter. Finally, Gradient Investments LLC boosted its position in shares of Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock worth $107,000 after buying an additional 700 shares in the last quarter. 66.42% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY WARNING: This news story was reported by BBNS and is the property of of BBNS. If you are reading this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright law. The legal version of this news story can be read at https://baseballnewssource.com/markets/traders-buy-shares-of-bank-of-america-corporation-bac-on-weakness/1410339.html.

Bank of America Corporation Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with our FREE daily email newsletter.

 


Latest News

Miami’s Giancarlo Stanton Sets Marlins Home Run Record
Miami’s Giancarlo Stanton Sets Marlins Home Run Record
Bryce Harper Latest Star to Suffer Injury
Bryce Harper Latest Star to Suffer Injury
Chicago Cubs Must Survive Without Willson Contreras
Chicago Cubs Must Survive Without Willson Contreras
Cleveland Indians Acquire Jay Bruce From New York Mets
Cleveland Indians Acquire Jay Bruce From New York Mets
Injury to CC Sabathia Adds to Yankees’ Concerns
Injury to CC Sabathia Adds to Yankees’ Concerns
Darren Daulton Former Catcher with Phillies Dies
Darren Daulton Former Catcher with Phillies Dies


Leave a Reply

 
© 2006-2017 BBNS.