Bank of America Corp (NYSE:BAC)’s share price was up 7.2% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $28.72 and last traded at $28.45. Approximately 162,893,345 shares changed hands during trading, an increase of 107% from the average daily volume of 78,660,680 shares. The stock had previously closed at $26.55.

The financial services provider reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.07. The company had revenue of $22.89 billion for the quarter, compared to the consensus estimate of $22.37 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 EPS.

The business also recently declared a quarterly dividend, which was paid on Friday, December 28th. Investors of record on Friday, December 7th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.11%. The ex-dividend date was Thursday, December 6th. Bank of America’s dividend payout ratio is presently 32.79%.

A number of research analysts have commented on BAC shares. Wolfe Research started coverage on shares of Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating on the stock. BMO Capital Markets raised their target price on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Tuesday, October 16th. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Credit Suisse Group cut their target price on shares of Bank of America from $36.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, December 7th. Finally, Keefe, Bruyette & Woods downgraded shares of Bank of America from an “outperform” rating to a “hold” rating and cut their target price for the company from $34.00 to $29.00 in a research report on Tuesday, December 11th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $33.51.

A number of hedge funds and other institutional investors have recently bought and sold shares of BAC. Natixis boosted its holdings in shares of Bank of America by 256.8% in the 2nd quarter. Natixis now owns 8,614,786 shares of the financial services provider’s stock valued at $242,851,000 after buying an additional 6,200,655 shares in the last quarter. Matthew Goff Investment Advisor LLC boosted its holdings in shares of Bank of America by 2,719.0% in the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 5,310,836 shares of the financial services provider’s stock valued at $188,394,000 after buying an additional 5,122,442 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Bank of America by 183.4% in the 3rd quarter. SG Americas Securities LLC now owns 1,872,374 shares of the financial services provider’s stock valued at $55,160,000 after buying an additional 4,117,908 shares in the last quarter. Royal London Asset Management Ltd. bought a new stake in shares of Bank of America in the 2nd quarter valued at about $111,692,000. Finally, CI Investments Inc. boosted its holdings in shares of Bank of America by 168.5% in the 3rd quarter. CI Investments Inc. now owns 5,840,497 shares of the financial services provider’s stock valued at $172,061,000 after buying an additional 3,665,300 shares in the last quarter. 64.32% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $270.13 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 1.19 and a beta of 1.31. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98.

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About Bank of America (NYSE:BAC)

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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