Bank of America (NYSE:BAC) Trading Up 1.9%

Bank of America Co. (NYSE:BAC) shares were up 1.9% on Friday . The stock traded as high as $39.99 and last traded at $39.98. Approximately 8,547,206 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 38,616,391 shares. The stock had previously closed at $39.25.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BAC shares. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Wells Fargo & Company increased their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, April 19th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and increased their target price for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $39.79.

Read Our Latest Research Report on BAC

Bank of America Price Performance

The stock has a market cap of $311.02 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36. The stock’s 50 day moving average price is $38.91 and its two-hundred day moving average price is $36.10. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. Equities research analysts forecast that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s payout ratio is currently 33.22%.

Institutional Trading of Bank of America

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bright Futures Wealth Management LLC. acquired a new stake in Bank of America during the first quarter valued at $1,272,000. Keynote Financial Services LLC acquired a new stake in Bank of America during the first quarter valued at $944,000. American Trust grew its position in Bank of America by 38.5% during the first quarter. American Trust now owns 10,059 shares of the financial services provider’s stock valued at $381,000 after buying an additional 2,798 shares during the period. Clear Rock Advisors LLC grew its position in Bank of America by 1.8% during the first quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider’s stock valued at $3,109,000 after buying an additional 1,425 shares during the period. Finally, Peninsula Wealth LLC acquired a new stake in Bank of America during the first quarter valued at $377,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

About Bank of America

(Get Free Report)

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.

Further Reading

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