Bank of America (NYSE:BAC) Trading Up 0%

Bank of America Co. (NYSE:BAC)’s share price was up 0% during mid-day trading on Wednesday . The stock traded as high as $41.55 and last traded at $41.44. Approximately 4,730,545 shares traded hands during trading, a decline of 88% from the average daily volume of 38,176,180 shares. The stock had previously closed at $41.42.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BAC shares. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $37.00 to $42.00 in a research report on Tuesday. Evercore ISI lifted their price objective on Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a report on Wednesday, July 3rd. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $37.00 to $42.00 in a report on Tuesday. HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $40.41.

Bank of America Trading Up 0.3 %

The company has a market cap of $324.78 billion, a P/E ratio of 14.35, a PEG ratio of 1.55 and a beta of 1.35. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The business has a 50 day moving average price of $39.32 and a 200-day moving average price of $36.48.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. Analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC grew its holdings in shares of Bank of America by 402.2% during the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 547 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter worth $28,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America during the 1st quarter worth $33,000. Clearstead Trust LLC lifted its position in shares of Bank of America by 1,489.3% during the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after buying an additional 834 shares during the last quarter. Finally, Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth $25,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.