Bank of America (NYSE:BAC) Trading 0.3% Higher - Here's What Happened

Bank of America Co. (NYSE:BAC) shares shot up 0.3% during mid-day trading on Friday . The company traded as high as $37.87 and last traded at $37.44. 47,052,978 shares changed hands during trading, an increase of 20% from the average session volume of 39,148,499 shares. The stock had previously closed at $37.33.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Cfra Research raised their price objective on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. 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 note on Thursday, April 3rd. Evercore ISI lowered their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Finally, Barclays decreased their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.43.

Bank of America Trading Up 3.8 %

The firm's 50-day simple moving average is $41.09 and its 200 day simple moving average is $43.63. The stock has a market cap of $291.42 billion, a P/E ratio of 11.90, a PEG ratio of 1.21 and a beta of 1.24. 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 announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate 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, equities research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Friday, March 7th. Bank of America's dividend payout ratio is currently 30.95%.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in Bank of America in the fourth quarter worth about $60,679,000. Arizona State Retirement System lifted 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 valued at $89,150,000 after acquiring an additional 10,377 shares during the last quarter. Keybank National Association OH grew its stake in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after purchasing an additional 38,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Bank of America by 0.7% in the 4th 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. Institutional investors own 70.71% of the company's stock.

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.