Bank of America (NYSE:BAC) Trading 0.3% Higher

Bank of America Co. (NYSE:BAC)’s stock price traded up 0.3% on Monday . The company traded as high as $38.06 and last traded at $37.94. 5,923,628 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 40,999,852 shares. The stock had previously closed at $37.83.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Oppenheimer decreased their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Barclays boosted their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average target price of $38.53.

Bank of America Trading Down 0.5 %

The stock has a 50 day moving average of $36.13 and a 200-day moving average of $32.80. The company has a market capitalization of $297.08 billion, a P/E ratio of 13.06, a P/E/G ratio of 1.69 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 EPS. On average, research analysts predict that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.55%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BAC. Livelsberger Financial Advisory purchased a new position in Bank of America in the 4th quarter worth approximately $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America during the 1st quarter worth approximately $33,000. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $25,000. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America during the 4th quarter worth approximately $32,000. Finally, Glass Jacobson Investment Advisors llc raised its holdings in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

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.