Bank of America (NYSE:BAC) Stock Price Down 4.3% - What's Next?

Bank of America Co. (NYSE:BAC)'s share price traded down 4.3% during trading on Wednesday . The stock traded as low as $33.06 and last traded at $33.51. 35,873,054 shares traded hands during mid-day trading, a decline of 7% from the average session volume of 38,414,340 shares. The stock had previously closed at $35.03.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research analyst reports. HSBC upgraded Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $45.00 to $50.00 in a research note on Friday, March 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 research report on Monday, January 6th. Truist Financial decreased their price target on shares of Bank of America from $53.00 to $50.00 and set a "buy" rating for the company in a report on Friday, April 4th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.31.

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Bank of America Stock Performance

The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock's 50-day simple moving average is $41.85 and its two-hundred day simple moving average is $43.66. The stock has a market cap 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.

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 return on equity of 10.29% and a net margin of 14.10%. Analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.73%. Bank of America's payout ratio is 32.30%.

Hedge Funds Weigh In On Bank of America

Several large investors have recently bought and sold shares of BAC. Norges Bank bought a new position in shares of Bank of America during the 4th quarter worth about $5,226,989,000. Capital World Investors increased its stake in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in 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 in the last quarter. Amundi grew its holdings in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.