Bank of America (NYSE:BAC) Hits New 1-Year Low - Here's What Happened

Bank of America Co. (NYSE:BAC)'s share price reached a new 52-week low on Thursday . The stock traded as low as $33.06 and last traded at $37.32, with a volume of 160961215 shares. The stock had previously closed at $35.03.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Friday, January 17th. Oppenheimer boosted their target price on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Piper Sandler dropped their price target on Bank of America from $50.00 to $49.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. Finally, Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average price target of $48.31.

Bank of America Trading Up 1.9 %

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business has a 50 day moving average of $42.25 and a two-hundred day moving average of $43.72. The firm has a market cap of $278.64 billion, a P/E ratio of 11.38, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company's revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 earnings per share. Analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.84%. Bank of America's payout ratio is currently 32.30%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BAC. Geode Capital Management LLC increased its position in Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank bought a new position in shares of Bank of America during the fourth quarter worth approximately $5,226,989,000. Capital World Investors raised its position in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the period. 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.