Bank of America (NYSE:BAC) Shares Up 0.9%

Bank of America Co. (NYSE:BAC) was up 0.9% on Friday . The company traded as high as $37.53 and last traded at $37.20. Approximately 14,036,010 shares changed hands during trading, a decline of 65% from the average daily volume of 40,628,469 shares. The stock had previously closed at $36.88.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BAC shares. Evercore ISI raised their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. BMO Capital Markets increased their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Jefferies Financial Group increased their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus target price of $38.70.

Bank of America Stock Performance

The company has a market cap of $291.31 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 1.66 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a fifty day moving average of $36.39 and a two-hundred day moving average of $33.01.

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

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Hedge Funds Weigh In On Bank of America

Large investors have recently modified their holdings of the business. Norges Bank bought a new position in Bank of America during the 4th quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD increased its stake in shares of Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the period. Northern Trust Corp raised its position in shares of Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after acquiring an additional 1,397,469 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after acquiring an additional 1,315,056 shares during the period. Finally, Barclays PLC boosted its holdings in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after acquiring an additional 20,362,295 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

About Bank of America

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.