Bank of America (NYSE:BAC) Trading Down 2.5% - Time to Sell?
Bank of America (NYSE:BAC) shares fell 2.5% to $34.96, with trading volume down 55% from average levels. Analysts have mixed views, with price targets ranging from $48.31 to $58.00. The company reported Q1 earnings of $0.82 per share, exceeding estimates, and a revenue increase of 15% year-over-year. A quarterly dividend of $0.26 was recently paid, yielding 2.88%. Institutional investors hold 70.71% of the stock. Overall, the stock has a "Moderate Buy" rating from analysts.
Bank of America Co. (NYSE:BAC)'s stock price dropped 2.5% on Friday . The company traded as low as $35.04 and last traded at $34.96. Approximately 17,641,708 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 39,059,689 shares. The stock had previously closed at $35.85.
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Analysts Set New Price Targets
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A number of research analysts have recently issued reports on the stock. Oppenheimer boosted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Barclays increased 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. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and raised their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Piper Sandler dropped their price objective on Bank of America from $50.00 to $49.00 and set a "neutral" rating for the company in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.31.
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Bank of America Stock Performance
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The company's fifty day simple moving average is $42.47 and its two-hundred day simple moving average is $43.71. The company has a market capitalization of $274.46 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.
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 the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company earned $0.70 earnings per share. Bank of America's quarterly revenue was up 15.0% on a year-over-year basis. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
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The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio (DPR) is presently 32.30%.
Institutional Trading of Bank of America
A number of institutional investors and hedge funds have recently modified their holdings of the business. Collier Financial bought a new position in Bank of America in the fourth quarter worth about $25,000. Life Planning Partners Inc lifted its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC bought a new position in Bank of America during the 4th quarter worth $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter worth $29,000. Finally, Vega Investment Solutions bought a new stake in Bank of America in the fourth quarter valued at $30,000. 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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