Bank of America (NYSE:BAC) Stock Price Up 0.5% – Here’s What Happened

by · The Markets Daily

Bank of America Co. (NYSE:BAC) shares rose 0.5% during trading on Wednesday . The stock traded as high as $41.69 and last traded at $41.71. Approximately 7,215,105 shares traded hands during trading, a decline of 81% from the average daily volume of 37,104,969 shares. The stock had previously closed at $41.49.

Analyst Ratings Changes

A number of brokerages have weighed in on BAC. Morgan Stanley raised their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Oppenheimer lifted their price objective on Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Finally, Barclays upped their target price on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Check Out Our Latest Stock Report on Bank of America

Bank of America Stock Performance

The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $261.32 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. The firm has a 50-day simple moving average of $43.99 and a two-hundred day simple moving average of $43.91.

Bank of America (NYSE:BAC – Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.70 earnings per share. On average, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is currently 32.30%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its stake in Bank of America by 3.8% in the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after acquiring an additional 569,385 shares during the last quarter. Edgestream Partners L.P. raised its holdings in shares of Bank of America by 221.3% in the 3rd quarter. Edgestream Partners L.P. now owns 20,734 shares of the financial services provider’s stock valued at $823,000 after purchasing an additional 14,281 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Bank of America by 0.8% during the 3rd quarter. Janus Henderson Group PLC now owns 1,090,042 shares of the financial services provider’s stock worth $43,268,000 after purchasing an additional 9,137 shares during the last quarter. Morse Asset Management Inc purchased a new position in Bank of America in the third quarter valued at $306,000. Finally, Redwood Grove Capital LLC raised its stake in Bank of America by 17.3% in the third quarter. Redwood Grove Capital LLC now owns 428,207 shares of the financial services provider’s stock valued at $16,991,000 after buying an additional 63,307 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

About Bank of America

(Get Free Report)

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.

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