Bank of America (NYSE:BAC) Trading Down 3.5%

Bank of America Co. (NYSE:BAC) shares fell 3.5% during trading on Wednesday . The company traded as low as $34.15 and last traded at $34.68. 95,566,094 shares were traded during trading, an increase of 171% from the average session volume of 35,278,272 shares. The stock had previously closed at $35.95.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BAC. HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. UBS Group reissued a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Jefferies Financial Group raised their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.29.

Bank of America Price Performance

The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market cap of $273.65 billion, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The stock has a 50-day moving average of $35.51 and a two-hundred day moving average of $32.19.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.77%. Bank of America’s dividend payout ratio (DPR) is 31.27%.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently bought and sold shares of BAC. Moneta Group Investment Advisors LLC boosted its position in Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after acquiring an additional 192,989,515 shares during the period. Norges Bank acquired a new stake in Bank of America during the 4th quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Barclays PLC boosted its position in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after acquiring an additional 20,362,295 shares during the period. Finally, Snider Financial Group boosted its position in Bank of America by 9,477.3% during the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after acquiring an additional 14,297,496 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Company Profile

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.