Bank of America (NYSE:BAC) Trading 0.3% Higher Following Analyst Upgrade

Shares of Bank of America Co. (NYSE:BAC) traded up 0.3% during trading on Monday after Oppenheimer raised their price target on the stock from $50.00 to $51.00. Oppenheimer currently has an outperform rating on the stock. Bank of America traded as high as $40.08 and last traded at $39.80. 8,022,651 shares were traded during trading, a decline of 79% from the average session volume of 39,045,796 shares. The stock had previously closed at $39.69.

BAC has been the topic of a number of other research reports. Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.25.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arlington Trust Co LLC raised its holdings in Bank of America by 11.2% during the 1st quarter. Arlington Trust Co LLC now owns 12,003 shares of the financial services provider's stock worth $501,000 after purchasing an additional 1,213 shares during the last quarter. Pinnacle Financial Partners Inc grew its holdings in Bank of America by 1.5% during the 1st quarter. Pinnacle Financial Partners Inc now owns 447,678 shares of the financial services provider's stock worth $19,565,000 after acquiring an additional 6,599 shares during the period. Kanawha Capital Management LLC lifted its stake in shares of Bank of America by 2.4% in the 1st quarter. Kanawha Capital Management LLC now owns 20,150 shares of the financial services provider's stock valued at $841,000 after purchasing an additional 475 shares during the period. Aaron Wealth Advisors LLC lifted its stake in Bank of America by 0.9% in the first quarter. Aaron Wealth Advisors LLC now owns 47,562 shares of the financial services provider's stock valued at $1,985,000 after buying an additional 406 shares during the period. Finally, First Bank & Trust boosted its position in shares of Bank of America by 4.3% during the 1st quarter. First Bank & Trust now owns 7,858 shares of the financial services provider's stock worth $328,000 after purchasing an additional 325 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.1 %

The firm has a market cap of $301.41 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.24. The firm's 50-day moving average is $40.48 and its 200-day moving average is $43.60. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC - Get Free Report) last issued 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 company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.62%. Bank of America's dividend payout ratio is currently 30.95%.

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.

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