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.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.48 EPS for the quarter, beating the consensus estimate of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The company had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same period in the prior year, the company earned $0.41 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. equities analysts forecast that Bank of America Corp will post 1.8 EPS for the current fiscal year.

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.

ILLEGAL ACTIVITY NOTICE: This report was first published by Watch List News and is the property of of Watch List News. If you are accessing this report on another domain, it was illegally copied and republished in violation of US and international trademark & copyright legislation. The correct version of this report can be viewed at https://www.watchlistnews.com/traders-sell-bank-of-america-bac-on-strength-bac/1763622.html.

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.

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.