Traders Buy Shares of Bank of America (BAC) on Weakness
Investors bought shares of Bank of America Corp (NYSE:BAC) on weakness during trading hours on Wednesday. $314.51 million flowed into the stock on the tick-up and $293.95 million flowed out of the stock on the tick-down, for a money net flow of $20.56 million into the stock. Of all equities tracked, Bank of America had the 26th highest net in-flow for the day. Bank of America traded down ($0.48) for the day and closed at $28.84
BAC has been the subject of a number of recent research reports. Vetr raised shares of Bank of America from a “buy” rating to a “strong-buy” rating and set a $26.29 price objective for the company in a research report on Monday, August 21st. Robert W. Baird restated a “hold” rating and set a $24.00 target price on shares of Bank of America in a research note on Friday, August 25th. BidaskClub cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Deutsche Bank restated a “hold” rating and set a $25.00 target price (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. Finally, Citigroup restated a “neutral” rating and set a $27.00 target price (up previously from $25.00) on shares of Bank of America in a research note on Monday, October 9th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $26.55.
The stock has a market cap of $300,818.81, a P/E ratio of 16.48, a P/E/G ratio of 2.00 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $22.08 billion for the quarter, compared to analysts’ expectations of $22.07 billion. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 EPS. research analysts forecast that Bank of America Corp will post 1.8 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America’s payout ratio is currently 27.43%.
Bank of America announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Bank of America by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares in the last quarter. Korea Investment CORP raised its position in shares of Bank of America by 0.5% during the 2nd quarter. Korea Investment CORP now owns 78,908,445 shares of the financial services provider’s stock valued at $1,914,319,000 after buying an additional 390,771 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Bank of America by 1.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 63,635,295 shares of the financial services provider’s stock valued at $1,543,792,000 after buying an additional 1,079,788 shares in the last quarter. Legal & General Group Plc grew its holdings in Bank of America by 0.7% during the 3rd quarter. Legal & General Group Plc now owns 51,176,903 shares of the financial services provider’s stock valued at $1,296,863,000 after purchasing an additional 379,854 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Bank of America by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after purchasing an additional 9,612,342 shares during the last quarter. Institutional investors and hedge funds own 68.56% of the company’s stock.
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About Bank of America
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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