Bank of America (NYSE:BAC) Trading 1.8% Higher

Bank of America Co. (NYSE:BAC)’s share price was up 1.8% on Monday . The stock traded as high as $40.34 and last traded at $40.22. Approximately 7,383,183 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 38,746,762 shares. The stock had previously closed at $39.49.

Analysts Set New Price Targets

Several brokerages have commented on BAC. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Wells Fargo & Company increased their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Jefferies Financial Group raised their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, Evercore ISI raised their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Trading Down 1.0 %

The company has a market cap of $304.99 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a 50-day moving average of $38.71 and a 200 day moving average of $35.95.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.94 earnings per share. Analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $3,734,407,000. Vanguard Group Inc. raised its stake in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after acquiring an additional 36,124,363 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Bank of America by 360.9% during 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 acquiring an additional 29,198,846 shares in the last quarter. Alphinity Investment Management Pty Ltd raised its stake 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 worth $474,150,000 after buying an additional 12,880,492 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake 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 worth $3,502,720,000 after buying an additional 9,879,524 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.