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 mid-day trading on Monday . The company traded as high as $40.34 and last traded at $39.83, with a volume of 8356529 shares trading hands. The stock had previously closed at $39.77.

Analysts Set New Price Targets

A number of brokerages have weighed in on BAC. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a report on Friday, April 19th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, BMO Capital Markets increased their target price on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $39.79.

Bank of America Stock Down 0.0 %

The firm has a 50 day simple moving average of $38.91 and a two-hundred day simple moving average of $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. The stock has a market cap of $310.94 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping 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 company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Joel Isaacson & Co. LLC grew its stake in shares of Bank of America by 0.3% during the first quarter. Joel Isaacson & Co. LLC now owns 108,529 shares of the financial services provider’s stock valued at $4,115,000 after buying an additional 294 shares during the last quarter. Round Hill Asset Management grew its stake in shares of Bank of America by 2.2% in the first quarter. Round Hill Asset Management now owns 14,070 shares of the financial services provider’s stock worth $534,000 after purchasing an additional 297 shares during the last quarter. CKW Financial Group grew its stake in shares of Bank of America by 1.5% in the first quarter. CKW Financial Group now owns 20,069 shares of the financial services provider’s stock worth $753,000 after purchasing an additional 300 shares during the last quarter. Rossmore Private Capital grew its stake in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares during the last quarter. Finally, Chemistry Wealth Management LLC grew its stake in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after purchasing an additional 310 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

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.