Traders Sell Bank of America (BAC) on Strength (BAC)

Investors sold shares of Bank of America Corp (NYSE:BAC) on strength during trading hours on Wednesday. $271.15 million flowed into the stock on the tick-up and $408.18 million flowed out of the stock on the tick-down, for a money net flow of $137.03 million out of the stock. Of all stocks tracked, Bank of America had the 23rd highest net out-flow for the day. Bank of America traded up $0.12 for the day and closed at $32.00

BAC has been the topic of a number of recent analyst reports. Vetr lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $25.08 price target on the stock. in a report on Wednesday, October 4th. Citigroup reiterated a “neutral” rating and issued a $27.00 price objective (up previously from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Zacks Investment Research lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 10th. Credit Suisse Group reiterated an “outperform” rating on shares of Bank of America in a research note on Tuesday, October 10th. Finally, Oppenheimer reiterated a “buy” rating on shares of Bank of America in a research note on Friday, October 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $29.87.

The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market cap of $333,780.00, a PE ratio of 20.78, a P/E/G ratio of 1.64 and a beta of 1.32.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share. equities analysts predict that Bank of America Corp will post 2.46 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock buyback program on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge funds have recently bought and sold shares of the business. Chicago Partners Investment Group LLC grew its position in Bank of America by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 450 shares in the last quarter. Burt Wealth Advisors boosted its holdings in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after buying an additional 4,294 shares during the period. MPS Loria Financial Planners LLC bought a new stake in shares of Bank of America during the 2nd quarter worth $115,000. Legacy Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $115,000. Finally, HWG Holdings LP bought a new stake in shares of Bank of America during the 3rd quarter worth $116,000. 69.51% of the stock is owned by institutional investors.

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Bank of America Company Profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

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