Bank of America (NYSE:BAC) Shares Down 4.3% - Time to Sell?

Bank of America Co. (NYSE:BAC) dropped 4.3% during mid-day trading on Wednesday . The stock traded as low as $33.06 and last traded at $33.51. Approximately 35,873,054 shares were traded during trading, a decline of 7% from the average daily volume of 38,414,340 shares. The stock had previously closed at $35.03.

Analyst Ratings Changes

Several research analysts recently weighed in on BAC shares. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Barclays upped their price target on Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Piper Sandler lowered their price objective on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a research report on Friday, January 17th. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and raised their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, UBS Group raised shares of Bank of America from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.31.

Bank of America Stock Performance

The stock has a market capitalization of $273.20 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 1.21 and a beta of 1.24. The company's fifty day simple moving average is $42.25 and its 200 day simple moving average is $43.69. 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 announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The business 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%. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 EPS. On average, equities research analysts expect 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 was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.89%. Bank of America's payout ratio is currently 32.30%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perkins Coie Trust Co lifted its holdings in shares of Bank of America by 67.8% during the first quarter. Perkins Coie Trust Co now owns 1,047 shares of the financial services provider's stock worth $44,000 after buying an additional 423 shares in the last quarter. Piscataqua Savings Bank increased its position in Bank of America by 1.8% during the first quarter. Piscataqua Savings Bank now owns 56,349 shares of the financial services provider's stock worth $2,351,000 after acquiring an additional 995 shares during the period. Princeton Global Asset Management LLC raised its stake in Bank of America by 1.5% in the 1st quarter. Princeton Global Asset Management LLC now owns 96,871 shares of the financial services provider's stock worth $4,042,000 after purchasing an additional 1,404 shares in the last quarter. Independence Bank of Kentucky boosted its holdings in Bank of America by 14.9% in the 1st quarter. Independence Bank of Kentucky now owns 45,650 shares of the financial services provider's stock valued at $1,905,000 after purchasing an additional 5,921 shares during the period. Finally, Impact Capital Partners LLC grew its position in shares of Bank of America by 5.1% during the 1st quarter. Impact Capital Partners LLC now owns 9,606 shares of the financial services provider's stock worth $401,000 after purchasing an additional 465 shares in the last quarter. 70.71% of the stock is 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.