Investors Buy Shares of Bank of America Corporation (BAC) on Weakness
Investors purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading hours on Friday. $230.32 million flowed into the stock on the tick-up and $203.95 million flowed out of the stock on the tick-down, for a money net flow of $26.37 million into the stock. Of all equities tracked, Bank of America Corporation had the 30th highest net in-flow for the day. Bank of America Corporation traded down ($0.14) for the day and closed at $26.62
Several equities analysts have recently commented on the stock. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. BMO Capital Markets reissued a “market perform” rating and issued a $29.00 price target (up from $27.00) on shares of Bank of America Corporation in a research note on Monday, October 16th. UBS AG set a $27.00 price target on shares of Bank of America Corporation and gave the stock a “hold” rating in a research note on Monday, October 16th. Finally, Wells Fargo & Company assumed coverage on shares of Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $25.82.
The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The stock has a market cap of $279,120.00, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.82 and a beta of 1.31.
Bank of America Corporation (NYSE:BAC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The business had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. During the same period last year, the firm earned $0.41 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. equities analysts forecast that Bank of America Corporation will post 1.8 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.12 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.80%. Bank of America Corporation’s payout ratio is presently 27.91%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC bought a new position in Bank of America Corporation in the second quarter worth approximately $100,000. Armbruster Capital Management Inc. raised its position in shares of Bank of America Corporation by 10.8% during the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 423 shares during the period. Chicago Partners Investment Group LLC raised its position in shares of Bank of America Corporation by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 450 shares during the period. Burt Wealth Advisors raised its position in shares of Bank of America Corporation by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 4,294 shares during the period. Finally, MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America Corporation during the 2nd quarter valued at $115,000. Institutional investors and hedge funds own 62.19% of the company’s stock.
Bank of America Corporation Company Profile
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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