Bank of America (NYSE:BAC) Sets New 12-Month High at $40.34

Bank of America Co. (NYSE:BAC) shares reached a new 52-week high during trading on Monday . The stock traded as high as $40.34 and last traded at $39.83, with a volume of 8356529 shares changing hands. The stock had previously closed at $39.77.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Oppenheimer increased their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Trading Down 0.0 %

The firm has a market capitalization of $310.94 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The stock’s 50-day moving average price is $38.91 and its 200 day moving average price is $36.12. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.94 earnings per share. On average, sell-side analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

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 dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Hedge Funds Weigh In On Bank of America

Several institutional investors have recently bought and sold shares of the business. Ethos Financial Group LLC boosted its stake in Bank of America by 6.2% in the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock valued at $285,000 after acquiring an additional 492 shares in the last quarter. Auxano Advisors LLC boosted its stake in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after acquiring an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its stake in 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 acquiring an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its stake in 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 acquiring an additional 46,950 shares in the last quarter. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $105,000. 70.71% of the stock is 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.