Bank of America (NYSE:BAC) is trading 0.7% lower


Bank of America Co. (NYSE:BAC) fell 0.7% in afternoon trading on Thursday. The company traded as low as $38.93 and last traded at $39.12. About 9,591,895 shares changed hands during afternoon trading, a 75% decline from the average daily volume of 38,788,766 shares. The stock previously closed at $39.41.

Analysts set new price targets

BAC has been the subject of a number of research reports. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4. Jefferies Financial Group raised their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8. Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20. BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the stock in a report on Friday, April 19th. Two 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. According to data from MarketBeat.com, Bank of America currently has an average rating of ‘Hold’ and an average price target of $39.79.

Check out our latest analysis on BAC

Bank of America stock performance

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 company’s 50-day moving average is $38.23 and its 200-day moving average is $35.43. The stock has a market cap of $306.87 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.74 and a beta of 1.36.

Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly results on Tuesday, April 16. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analyst expectations of $25.49 billion. During the same period last year, the company earned earnings per share of $0.94. The company’s quarterly revenue fell 1.7% compared to the same quarter last year. On average, stock analysts predict that Bank of America Co. will post a profit per share of 3.23 for the current financial year.

Bank of America announces dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28. Investors of record on Friday, June 7 will receive a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7. This represents a dividend of $0.96 annually and a yield of 2.45%. Bank of America’s payout ratio is 33.22%.

Institutional investors weigh in on Bank of America

Institutional investors and hedge funds have recently increased or decreased their stakes in the stock. Ethos Financial Group LLC increased its holdings in Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 492 shares in the last quarter. Auxano Advisors LLC increased its holdings in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after purchasing an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC increased its holdings in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Finally, DiNuzzo purchased Private Wealth Inc. a new stake in Bank of America shares in the fourth quarter, worth approximately $105,000. Institutional investors own 70.71% of the company’s shares.

About Bank of America

(Get a free report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services to individual consumers, small and medium-sized 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.

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