Shares of Bank of America Co. (NYSE:BAC) traded down 0.2% on Friday . The company traded as low as $39.31 and last traded at $39.52. 10,781,514 shares traded hands during trading, a decline of 72% from the average session volume of 39,043,079 shares. The stock had previously closed at $39.58.
Analysts Set New Price Targets
A number of research analysts recently commented on the stock. Morgan Stanley increased their target price on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Friday, January 17th. Royal Bank of Canada cut their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. HSBC upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Finally, Piper Sandler lowered their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.43.
Read Our Latest Analysis on BAC
Bank of America Trading Up 0.2 %
The firm has a market cap of $301.60 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The business has a 50 day moving average of $40.48 and a 200 day moving average of $43.60. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.
Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Bank of America during the 4th quarter valued at about $60,679,000. Arizona State Retirement System boosted its holdings in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after acquiring an additional 10,377 shares during the period. Keybank National Association OH grew its position in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after acquiring an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Bank of America by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.
Bank of America Company Profile
(
Get Free Report)
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.
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