Bank of America (NYSE:BAC) Trading Down 0.1%

Bank of America Co. (NYSE:BAC)’s share price was down 0.1% on Thursday . The stock traded as low as $38.33 and last traded at $38.96. Approximately 10,084,154 shares changed hands during trading, a decline of 74% from the average daily volume of 38,703,293 shares. The stock had previously closed at $39.00.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BAC. Evercore ISI upped their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Wells Fargo & Company raised their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. UBS Group reiterated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, JPMorgan Chase & Co. upped their target price on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Price Performance

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock’s 50 day simple moving average is $38.91 and its two-hundred day simple moving average is $36.06. The firm has a market capitalization of $311.02 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36.

Bank of America (NYSE:BAC) last released its quarterly 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 during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 EPS. On average, sell-side analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sherbrooke Park Advisers LLC purchased a new position in shares of Bank of America in the 3rd quarter valued at about $410,000. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Bank of America by 103.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,650,335 shares of the financial services provider’s stock valued at $45,186,000 after buying an additional 839,635 shares in the last quarter. United Services Automobile Association grew its position in shares of Bank of America by 11.1% in the 3rd quarter. United Services Automobile Association now owns 184,523 shares of the financial services provider’s stock valued at $5,052,000 after buying an additional 18,504 shares during the last quarter. Quadrature Capital Ltd raised its stake in Bank of America by 25.0% during the 3rd quarter. Quadrature Capital Ltd now owns 612,159 shares of the financial services provider’s stock worth $16,761,000 after acquiring an additional 122,501 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Bank of America by 231.8% in the third quarter. AQR Capital Management LLC now owns 4,502,265 shares of the financial services provider’s stock valued at $123,272,000 after acquiring an additional 3,145,432 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Company Profile

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.