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

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

Analysts Set New Price Targets

Several analysts recently commented on BAC shares. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Evercore ISI increased their target price on shares of Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a research report on Wednesday, July 3rd. 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. Finally, Oppenheimer raised their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $40.41.

Bank of America Stock Performance

The firm’s 50 day simple moving average is $39.51 and its 200-day simple moving average is $36.56. The company has a market capitalization of $326.50 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 1.59 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.

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

Bank of America Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 2.30%. The ex-dividend date was Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Institutional Investors Weigh In On Bank of America

Institutional investors have recently made changes to their positions in the company. Delos Wealth Advisors LLC boosted its position in Bank of America by 402.2% during the first 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 during the period. Livelsberger Financial Advisory bought a new stake in shares of Bank of America during the 4th quarter worth $28,000. Northwest Investment Counselors LLC acquired a new position in Bank of America in the 1st quarter valued at $33,000. Clearstead Trust LLC raised its holdings in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the period. Finally, Criterion Capital Advisors LLC acquired a new position in Bank of America during the 4th quarter worth $32,000. 70.71% of the stock is currently 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.