Bank of America (NYSE:BAC) Shares Up 0.5%

Bank of America Co. (NYSE:BAC)’s stock price was up 0.5% during trading on Tuesday . The company traded as high as $40.29 and last traded at $40.22. Approximately 5,556,239 shares traded hands during trading, a decline of 86% from the average daily volume of 38,605,078 shares. The stock had previously closed at $40.01.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BAC. JPMorgan Chase & Co. raised their target price on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Oppenheimer upped their target price on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Citigroup boosted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Evercore ISI lifted their target price on shares of Bank of America from $41.00 to $43.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.02.

Bank of America Stock Down 0.1 %

The company has a market cap of $319.77 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35. 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 fifty day moving average is $39.00 and its two-hundred day moving average is $36.22.

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, beating analysts’ consensus estimates 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 return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.94 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. 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

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock valued at $24,437,936,000 after purchasing an additional 36,124,363 shares during the period. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at approximately $3,734,407,000. Price T Rowe Associates Inc. MD lifted 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 valued at $3,502,720,000 after purchasing an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after purchasing an additional 1,315,056 shares during the period. Finally, Parnassus Investments LLC increased its position in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after buying an additional 2,935,040 shares during 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.