Traders Sell Bank of America (BAC) on Strength (BAC)
Traders sold shares of Bank of America Corp (NYSE:BAC) on strength during trading on Tuesday. $284.28 million flowed into the stock on the tick-up and $496.31 million flowed out of the stock on the tick-down, for a money net flow of $212.03 million out of the stock. Of all companies tracked, Bank of America had the 0th highest net out-flow for the day. Bank of America traded up $0.38 for the day and closed at $29.32
Several research analysts have issued reports on BAC shares. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $26.59 target price for the company in a research report on Monday, October 16th. 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 report on Tuesday, September 26th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $29.00 to $34.00 and gave the company an “outperform” rating in a research note on Thursday. BidaskClub raised shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, September 22nd. Finally, Royal Bank of Canada lifted their price target on shares of Bank of America from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and three have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.55.
The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market cap of $305,825.50, a price-to-earnings ratio of 16.75, a P/E/G ratio of 2.03 and a beta of 1.31.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is 27.43%.
Bank of America declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Institutional investors have recently modified their holdings of the business. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the second quarter worth about $100,000. Chicago Partners Investment Group LLC raised its position in shares of Bank of America by 11.0% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 450 shares during the last quarter. Burt Wealth Advisors raised its position in shares of Bank of America by 4,013.1% during the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 4,294 shares during the last quarter. MPS Loria Financial Planners LLC acquired a new position in shares of Bank of America during the 2nd quarter worth about $115,000. Finally, Legacy Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth about $115,000. Institutional investors and hedge funds own 68.56% of the company’s stock.
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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