Bank of America (NYSE:BAC) Trading 3.1% Higher - Still a Buy?

Bank of America Co. (NYSE:BAC)'s share price rose 3.1% on Wednesday . The stock traded as high as $40.13 and last traded at $39.52. Approximately 20,264,410 shares changed hands during trading, a decline of 48% from the average daily volume of 38,965,068 shares. The stock had previously closed at $38.32.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BAC shares. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. Citigroup lowered their price objective on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. 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 lowered their target price on shares of Bank of America from $50.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. decreased 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.43.

Bank of America Price Performance

The company has a fifty day simple moving average of $40.93 and a two-hundred day simple moving average of $43.59. The stock has a market capitalization of $297.57 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations 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, equities research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.66%. The ex-dividend date was Friday, March 7th. Bank of America's payout ratio is presently 30.95%.

Hedge Funds Weigh In On Bank of America

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors grew its position in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after purchasing an additional 9,980,859 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.

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