Bank of America (NYSE:BAC) Shares Down 3.6% - Here's What Happened

Bank of America Co. (NYSE:BAC)'s share price was down 3.6% during trading on Thursday . The stock traded as low as $35.21 and last traded at $35.81. Approximately 21,074,237 shares were traded during trading, a decline of 46% from the average daily volume of 38,861,193 shares. The stock had previously closed at $37.15.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Oppenheimer increased their price target on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Truist Financial lowered their target price on Bank of America from $53.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Finally, JPMorgan Chase & Co. reduced their price target 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average price target of $48.31.

Bank of America Stock 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 stock has a market cap of $278.57 billion, a P/E ratio of 11.38, a P/E/G ratio of 1.21 and a beta of 1.24. The firm's fifty day moving average is $42.25 and its 200 day moving average is $43.72.

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Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Bank of America's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the business earned $0.70 earnings per share. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

Hedge Funds Weigh In On Bank of America

A number of large investors have recently modified their holdings of BAC. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc grew its position in shares of Bank of America by 3,883.2% during the 4th 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 bought a new stake in shares of Bank of America during the fourth quarter worth approximately $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $29,000. Finally, Vega Investment Solutions bought a new position in Bank of America in the fourth quarter valued at approximately $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Company Profile

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.