Shares of Bank of America Co. (NYSE:BAC) dropped 2.5% during mid-day trading on Friday . The stock traded as low as $35.04 and last traded at $34.96. Approximately 17,641,708 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 39,059,689 shares. The stock had previously closed at $35.85.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on BAC shares. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and increased their price target for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Hsbc Global Res raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Barclays increased their price target on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and increased their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Citigroup dropped their price target on 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. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.31.
Check Out Our Latest Stock Report on Bank of America
Bank of America Stock Performance
The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $289.16 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a 50 day simple moving average of $42.04 and a 200-day simple moving average of $43.70.
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 (EPS) 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 analysts' expectations of $26.83 billion. As a group, equities research analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Friday, March 7th. Bank of America's payout ratio is currently 32.30%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Collier Financial purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc lifted its holdings in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC bought a new stake in Bank of America in the fourth quarter worth $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter worth about $29,000. Finally, Vega Investment Solutions bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $30,000. 70.71% of the stock is currently owned by institutional investors.
About Bank of America
(
Get Free Report)
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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