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 changed hands 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.

Wall Street Analyst Weigh In

BAC has been the topic of several recent research reports. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Jefferies Financial Group boosted their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research note on Friday, April 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $38.53.

Bank of America Stock Performance

The company has a market capitalization of $298.42 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.72 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s fifty day simple moving average is $36.06 and its 200-day simple moving average is $32.64.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. As a group, equities analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. Bank of America’s payout ratio is currently 33.22%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BAC. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after buying an additional 29,198,846 shares during the period. Barclays PLC raised its holdings in Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares during the period. Alphinity Investment Management Pty Ltd raised its holdings in Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after buying an additional 12,880,492 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after buying an additional 9,879,524 shares during the period. 70.71% of the stock is currently 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.