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

Shares of Bank of America Co. (NYSE:BAC) were down 0.1% on Thursday . The company traded as low as $40.75 and last traded at $40.90. Approximately 17,100,666 shares changed hands during trading, a decline of 51% from the average daily volume of 35,032,784 shares. The stock had previously closed at $40.93.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Oppenheimer raised their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. HSBC reiterated a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Wells Fargo & Company upped their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.02.

Get Our Latest Stock Report on Bank of America

Bank of America Stock Down 1.2 %

The stock has a market cap of $315.94 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.56 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50 day moving average is $39.17 and its two-hundred day moving average is $36.33.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the business posted $0.94 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently added to or reduced their stakes in the business. Delos Wealth Advisors LLC lifted its holdings in shares of Bank of America by 402.2% during the 1st 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 during the period. Livelsberger Financial Advisory acquired a new position in Bank of America during the fourth quarter worth approximately $28,000. Northwest Investment Counselors LLC purchased a new position in Bank of America during the first quarter worth approximately $33,000. Clearstead Trust LLC boosted its holdings in shares of Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 834 shares during the last quarter. Finally, Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at $25,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Company Profile

(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.

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