Bank of America (NYSE:BAC) Trading 0.1% Higher – What’s Next?

Bank of America Co. (NYSE:BAC)’s share price rose 0.1% during trading on Monday . The company traded as high as $45.14 and last traded at $44.71. Approximately 13,276,539 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 39,591,904 shares. The stock had previously closed at $44.69.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Oppenheimer raised their target price on Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Cfra Research boosted their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Finally, Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Trading Up 0.1%

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $40.03 and a two-hundred day simple moving average of $43.56. The firm has a market cap of $336.98 billion, a PE ratio of 13.89, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Hedge Funds Weigh In On Bank of America

Several large investors have recently made changes to their positions in BAC. Graney & King LLC bought a new stake in Bank of America during the fourth quarter worth approximately $25,000. Collier Financial bought a new position in Bank of America in the fourth quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in Bank of America in the fourth quarter worth approximately $29,000. Vega Investment Solutions bought a new stake in Bank of America during the 4th quarter valued at $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America during the 4th quarter valued at $31,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

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.