Bank of America (NYSE:BAC) Shares Down 1.9% - Here's Why

Bank of America Co. (NYSE:BAC)'s share price was down 1.9% during mid-day trading on Monday . The stock traded as low as $36.70 and last traded at $36.68. Approximately 8,728,511 shares changed hands during trading, a decline of 81% from the average daily volume of 45,592,035 shares. The stock had previously closed at $37.41.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BAC shares. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Keefe, Bruyette & Woods lowered their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.43.

Bank of America Price Performance

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $297.83 billion, a P/E ratio of 12.17, a PEG ratio of 1.21 and a beta of 1.24. The company's 50-day moving average is $40.77 and its two-hundred day moving average is $43.56.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data 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. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.65%. Bank of America's dividend payout ratio is currently 30.95%.

Institutional Investors Weigh In On Bank of America

A number of institutional investors and hedge funds have recently made changes to their positions in BAC. Principal Financial Group Inc. grew its stake in shares of Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock worth $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Morse Asset Management Inc bought a new position in Bank of America during the third quarter worth about $306,000. SkyView Investment Advisors LLC grew its stake in Bank of America by 4.3% in the 3rd quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider's stock valued at $619,000 after buying an additional 645 shares in the last quarter. Tudor Financial Inc. bought a new stake in shares of Bank of America during the 3rd quarter valued at $645,000. Finally, Eaton Financial Holdings Company LLC bought a new stake in shares of Bank of America during the third quarter valued at about $488,000. Institutional investors and hedge funds 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.