Traders bought shares of Bank of America Corporation (NYSE:BAC) on weakness during trading hours on Wednesday. $282.70 million flowed into the stock on the tick-up and $201.73 million flowed out of the stock on the tick-down, for a money net flow of $80.97 million into the stock. Of all equities tracked, Bank of America Corporation had the 5th highest net in-flow for the day. Bank of America Corporation traded down ($0.16) for the day and closed at $24.74

BAC has been the topic of several recent analyst reports. Vining Sparks raised Bank of America Corporation to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Wednesday, April 19th. Nomura reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Wednesday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of Bank of America Corporation in a report on Sunday, June 4th. Barclays PLC reaffirmed an “equal weight” rating and issued a $28.00 price target (up previously from $26.00) on shares of Bank of America Corporation in a report on Saturday, April 22nd. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $21.00 price target on shares of Bank of America Corporation in a report on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $23.74.

The stock has a market cap of $260.18 billion, a P/E ratio of 14.73 and a beta of 1.27. The firm’s 50 day moving average is $24.01 and its 200-day moving average is $23.69.

Bank of America Corporation (NYSE:BAC) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company had revenue of $22.80 billion for the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the prior year, the firm earned $0.41 earnings per share. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. Equities research analysts predict that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio (DPR) is 17.86%.

Bank of America Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Hedge funds have recently made changes to their positions in the stock. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America Corporation during the second quarter valued at about $100,000. Armbruster Capital Management Inc. boosted its stake in shares of Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock valued at $102,000 after buying an additional 423 shares during the period. Integrated Investment Consultants LLC boosted its stake in shares of Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock valued at $103,000 after buying an additional 500 shares during the period. Chicago Partners Investment Group LLC boosted its stake in shares of Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock valued at $103,000 after buying an additional 450 shares during the period. Finally, Gradient Investments LLC boosted its stake in shares of Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock valued at $107,000 after buying an additional 700 shares during the period. 66.42% of the stock is currently owned by institutional investors and hedge funds.

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Bank of America Corporation 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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