Bank of America (NYSE:BAC) Trading Up 1.2%

Shares of Bank of America Co. (NYSE:BAC) traded up 1.2% on Wednesday . The company traded as high as $40.02 and last traded at $39.99. 30,804,467 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 33,991,304 shares. The stock had previously closed at $39.51.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Citigroup raised their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. BMO Capital Markets increased their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Oppenheimer boosted their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Finally, HSBC reaffirmed a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Stock Up 0.0 %

The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The business’s 50 day moving average price is $38.46 and its 200 day moving average price is $35.69. The firm has a market cap of $312.81 billion, a PE ratio of 13.84, a PEG ratio of 1.78 and a beta of 1.36.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during 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%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.94 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Investors Weigh In On Bank of America

A number of hedge funds have recently modified their holdings of BAC. Joel Isaacson & Co. LLC lifted its stake in Bank of America by 0.3% in the 1st quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock worth $4,115,000 after purchasing an additional 294 shares in the last quarter. Round Hill Asset Management lifted its position in Bank of America by 2.2% during the first quarter. Round Hill Asset Management now owns 14,070 shares of the financial services provider’s stock worth $534,000 after buying an additional 297 shares in the last quarter. CKW Financial Group boosted its stake in Bank of America by 1.5% during the first quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock worth $753,000 after buying an additional 300 shares during the last quarter. Rossmore Private Capital grew its holdings in Bank of America by 1.2% in the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after buying an additional 303 shares in the last quarter. Finally, Chemistry Wealth Management LLC increased its stake in shares of Bank of America by 0.3% in the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after acquiring an additional 310 shares during the last quarter. 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.