Investors Buy Bank of America Corporation (NYSE:BAC) on Weakness
Investors purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading hours on Wednesday. $282.70 million flowed into the stock on the tick-up and $201.73 million flowed out of the stock on the tick-down, for a money net flow of $80.97 million into the stock. Of all companies tracked, Bank of America Corporation had the 5th highest net in-flow for the day. Bank of America Corporation traded down ($0.16) for the day and closed at $24.74
Several research firms have recently weighed in on BAC. Wells Fargo & Company began coverage on shares of Bank of America Corporation in a report on Wednesday. They issued an “outperform” rating on the stock. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Instinet reaffirmed a “buy” rating and issued a $27.00 target price on shares of Bank of America Corporation in a report on Saturday, July 22nd. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Bank of America Corporation in a report on Friday, July 21st. Finally, UBS AG reaffirmed a “neutral” rating and issued a $26.00 target price on shares of Bank of America Corporation in a report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Bank of America Corporation presently has an average rating of “Buy” and an average target price of $23.74.
The company has a market cap of $260.18 billion, a PE ratio of 14.73 and a beta of 1.27. The company has a 50 day moving average of $24.09 and a 200 day moving average of $23.71.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 EPS. Analysts anticipate that Bank of America Corporation will post $1.82 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.94%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, August 30th. Bank of America Corporation’s dividend payout ratio is presently 17.86%.
Bank of America Corporation declared that its board has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Several institutional investors have recently bought and sold shares of BAC. Dodge & Cox acquired a new position in Bank of America Corporation during the fourth quarter worth about $4,159,570,000. Norges Bank acquired a new position in Bank of America Corporation during the fourth quarter worth about $2,256,221,000. Korea Investment CORP boosted its position in Bank of America Corporation by 0.5% in the second quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock worth $1,914,319,000 after buying an additional 390,771 shares during the last quarter. Boston Partners boosted its position in Bank of America Corporation by 0.5% in the first quarter. Boston Partners now owns 75,404,921 shares of the financial services provider’s stock worth $1,778,802,000 after buying an additional 368,898 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Bank of America Corporation by 2.0% in the second quarter. Legal & General Group Plc now owns 50,797,049 shares of the financial services provider’s stock worth $1,232,414,000 after buying an additional 1,007,405 shares during the last quarter. Hedge funds and other institutional investors own 66.42% of the company’s stock.
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About Bank of America Corporation
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.
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