Bank of America (NYSE:BAC) Trading Down 0.7%

Bank of America Co. (NYSE:BAC)’s share price fell 0.7% on Thursday . The stock traded as low as $39.46 and last traded at $39.50. 8,691,553 shares were traded during mid-day trading, a decline of 78% from the average session volume of 39,143,988 shares. The stock had previously closed at $39.76.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Evercore ISI upped their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Jefferies Financial Group boosted their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Oppenheimer upped their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Finally, HSBC reissued a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $38.70.

Bank of America Trading Down 1.5 %

The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50-day simple moving average is $37.39 and its 200 day simple moving average is $34.23. The stock has a market capitalization of $306.32 billion, a P/E ratio of 13.54, a PEG ratio of 1.75 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.23 EPS for the current fiscal 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 $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Redwood Grove Capital LLC grew its holdings in shares of Bank of America by 6.0% during the first quarter. Redwood Grove Capital LLC now owns 345,300 shares of the financial services provider’s stock worth $13,094,000 after purchasing an additional 19,600 shares during the last quarter. BigSur Wealth Management LLC increased its position in Bank of America by 191.8% in the first quarter. BigSur Wealth Management LLC now owns 40,850 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 26,850 shares during the period. Atria Investments Inc lifted its holdings in Bank of America by 4.4% in the first quarter. Atria Investments Inc now owns 436,444 shares of the financial services provider’s stock valued at $16,548,000 after buying an additional 18,529 shares during the period. Swedbank AB bought a new position in shares of Bank of America in the 1st quarter worth $261,923,000. Finally, LRI Investments LLC bought a new stake in shares of Bank of America in the 1st quarter valued at about $440,000. 70.71% of the stock is currently owned by institutional investors.

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.