Bank of America (NYSE:BAC) Trading Down 0.1%

Bank of America Co. (NYSE:BAC)’s stock price dropped 0.1% on Friday . The company traded as low as $37.84 and last traded at $37.87. Approximately 7,344,329 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 41,174,516 shares. The stock had previously closed at $37.91.

Analysts Set New Price Targets

A number of research firms have commented on BAC. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. Evercore ISI increased their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Keefe, Bruyette & Woods increased their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Stock Performance

The business has a fifty day moving average of $36.06 and a 200-day moving average of $32.64. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $298.42 billion, a PE ratio of 13.15, a P/E/G ratio of 1.72 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 EPS. Equities research analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s payout ratio is 33.22%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Impact Partnership Wealth LLC lifted its stake in shares of Bank of America by 879.9% during the 3rd quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 2,015 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Bank of America by 1,235.4% in the third quarter. Exchange Traded Concepts LLC now owns 75,531 shares of the financial services provider’s stock worth $2,068,000 after buying an additional 69,875 shares during the last quarter. Strategic Blueprint LLC boosted its position in Bank of America by 13.0% during the third quarter. Strategic Blueprint LLC now owns 15,050 shares of the financial services provider’s stock worth $412,000 after purchasing an additional 1,737 shares in the last quarter. CX Institutional boosted its position in Bank of America by 11.7% during the third quarter. CX Institutional now owns 37,026 shares of the financial services provider’s stock worth $1,014,000 after purchasing an additional 3,892 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in shares of Bank of America by 1.9% in the third quarter. Asset Management One Co. Ltd. now owns 3,062,214 shares of the financial services provider’s stock valued at $83,843,000 after acquiring an additional 57,747 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

About Bank of America

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.