Bank of America (NYSE:BAC) Trading Down 1.1%

Bank of America Co. (NYSE:BAC) fell 1.1% during trading on Friday . The company traded as low as $35.71 and last traded at $35.96. 10,450,882 shares were traded during mid-day trading, a decline of 74% from the average session volume of 39,875,273 shares. The stock had previously closed at $36.35.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAC. Keefe, Bruyette & Woods lifted their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Barclays lifted their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research report on Tuesday, January 16th. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 16th. Finally, Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus price target of $38.29.

Bank of America Stock Performance

The stock has a 50 day moving average of $35.42 and a 200 day moving average of $32.05. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $282.41 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.85 earnings per share. As a group, analysts predict that Bank of America Co. will post 3.13 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new position in Bank of America in the third quarter valued at approximately $25,000. Quarry LP acquired a new position in Bank of America in the fourth quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc lifted its stake in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the period. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the fourth quarter worth approximately $28,000. Finally, Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter worth approximately $28,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.