Bank of America Co. (NYSE:BAC) Short Interest Down 7.5% in October

Bank of America Co. (NYSE:BAC) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 79,280,000 shares, a drop of 7.5% from the October 15th total of 85,720,000 shares. Approximately 1.0% of the company’s shares are short sold. Based on an average daily volume of 41,380,000 shares, the days-to-cover ratio is currently 1.9 days.

Bank of America Trading Down 0.9 %

NYSE BAC opened at $37.36 on Thursday. The stock has a market capitalization of $299.72 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 1.72 and a beta of 1.38. The stock’s 50 day moving average price is $34.05 and its two-hundred day moving average price is $34.09. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.76 and a current ratio of 0.76. Bank of America has a 52 week low of $29.31 and a 52 week high of $50.11.

Bank of America (NYSE:BACGet Rating) last released its earnings results on Monday, October 17th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.79 by $0.02. The firm had revenue of $24.50 billion for the quarter, compared to analysts’ expectations of $23.46 billion. Bank of America had a return on equity of 11.36% and a net margin of 26.52%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.85 EPS. As a group, analysts anticipate that Bank of America will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 2nd will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Thursday, December 1st. Bank of America’s dividend payout ratio is currently 27.85%.

Institutional Investors Weigh In On Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Kavar Capital Partners Group LLC raised its stake in shares of Bank of America by 1.7% during the 2nd quarter. Kavar Capital Partners Group LLC now owns 16,611 shares of the financial services provider’s stock worth $517,000 after purchasing an additional 276 shares in the last quarter. Sage Mountain Advisors LLC increased its holdings in shares of Bank of America by 3.3% during the 3rd quarter. Sage Mountain Advisors LLC now owns 8,895 shares of the financial services provider’s stock worth $269,000 after acquiring an additional 281 shares during the last quarter. Abbrea Capital LLC increased its holdings in shares of Bank of America by 0.4% during the 1st quarter. Abbrea Capital LLC now owns 79,121 shares of the financial services provider’s stock worth $3,261,000 after acquiring an additional 290 shares during the last quarter. Annapolis Financial Services LLC increased its holdings in shares of Bank of America by 2.2% during the 3rd quarter. Annapolis Financial Services LLC now owns 13,785 shares of the financial services provider’s stock worth $416,000 after acquiring an additional 292 shares during the last quarter. Finally, Leisure Capital Management increased its holdings in shares of Bank of America by 1.5% during the 3rd quarter. Leisure Capital Management now owns 20,055 shares of the financial services provider’s stock worth $606,000 after acquiring an additional 292 shares during the last quarter. Institutional investors own 68.48% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research reports. StockNews.com initiated coverage on Bank of America in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft lowered their price objective on Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, September 12th. JPMorgan Chase & Co. lifted their price objective on Bank of America from $35.50 to $39.00 in a research report on Wednesday, November 2nd. The Goldman Sachs Group lowered their price objective on Bank of America from $42.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, October 4th. Finally, Citigroup lowered Bank of America from a “buy” rating to a “neutral” rating and set a $40.00 target price for the company. in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $44.68.

About Bank of America

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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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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