Bank of America (NYSE:BAC) Trading Up 2.7% - Here's Why

Shares of Bank of America Co. (NYSE:BAC) were up 2.7% during trading on Tuesday . The company traded as high as $37.96 and last traded at $37.93. Approximately 8,702,965 shares traded hands during trading, a decline of 78% from the average daily volume of 38,927,379 shares. The stock had previously closed at $36.92.

Analyst Ratings Changes

Several research analysts have recently issued reports on BAC shares. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Truist Financial dropped their price target on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. lowered their target price on 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. 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 analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target of $47.43.

Bank of America Stock Down 0.1 %

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's 50-day moving average price is $40.62 and its 200-day moving average price is $43.55. The company has a market cap of $300.49 billion, a P/E ratio of 12.29, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, research analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared 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 yield of 2.63%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is currently 30.95%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Collier Financial purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $25,000. Life Planning Partners Inc boosted its holdings in 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 acquiring an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new position in Bank of America during the 4th quarter worth $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America in the 4th quarter worth $29,000. Finally, Vega Investment Solutions bought a new position in shares of Bank of America during the fourth quarter valued at about $30,000. Institutional investors and hedge funds 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.