Bank of America (NYSE:BAC) Trading Up 1.8% – Time to Buy?

Shares of Bank of America Co. (NYSE:BAC) were up 1.8% during mid-day trading on Friday . The stock traded as high as $45.17 and last traded at $44.93. Approximately 9,036,918 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 39,636,740 shares. The stock had previously closed at $44.12.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Citigroup decreased their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Cfra Research upped their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Performance

The business has a 50-day moving average of $40.71 and a two-hundred day moving average of $43.48. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $339.01 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Institutional Investors Weigh In On Bank of America

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Collier Financial acquired a new position in Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc lifted its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $29,000. Finally, Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter valued at $30,000. 70.71% of the stock is currently owned by hedge funds and other 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.