Bank of America (NYSE:BAC) Trading 1.8% Higher - Here's What Happened
Bank of America (NYSE:BAC) shares rose 1.8% to $44.93, with a trading volume of 9,036,918 shares. Analysts have adjusted price targets, with Royal Bank of Canada lowering it to $45.00 and Cfra Research raising it to $47.00. The stock has a consensus rating of "Moderate Buy" and a target price of $47.50. The company reported $0.90 EPS, exceeding estimates, and declared a quarterly dividend of $0.26 per share. Hedge funds hold 70.71% of the stock, indicating strong institutional interest.
Shares of Bank of America Co. (NYSE:BAC) traded up 1.8% on Friday . The stock traded as high as $45.17 and last traded at $44.93. 9,036,918 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 39,636,740 shares. The stock had previously closed at $44.12.
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Analysts Set New Price Targets
- This Banking Giant Just Got a $90 Price Target Upgrade
BAC has been the topic of a number of recent research reports. Royal Bank of Canada dropped their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Citigroup lowered their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Argus dropped their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.50.
View Our Latest Stock Report on Bank of America
Bank of America Trading Up 1.6%
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The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The business's fifty day moving average is $40.64 and its 200-day moving average is $43.51. The stock has a market capitalization of $337.69 billion, a PE ratio of 13.93, a P/E/G ratio of 1.21 and a beta of 1.27.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.
Bank of America Dividend Announcement
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The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America's dividend payout ratio is presently 30.95%.
Hedge Funds Weigh In On Bank of America
Large investors have recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Tectonic Advisors LLC increased its holdings in Bank of America by 16.8% in the 4th quarter. Tectonic Advisors LLC now owns 28,999 shares of the financial services provider's stock valued at $1,274,000 after purchasing an additional 4,163 shares in the last quarter. Syntegra Private Wealth Group LLC purchased a new position in Bank of America in the fourth quarter valued at about $230,000. Onyx Bridge Wealth Group LLC raised its position in Bank of America by 4.8% in the fourth quarter. Onyx Bridge Wealth Group LLC now owns 10,305 shares of the financial services provider's stock valued at $453,000 after purchasing an additional 476 shares during the period. Finally, Benchmark Financial Wealth Advisors LLC lifted its stake in shares of Bank of America by 8.5% during the fourth quarter. Benchmark Financial Wealth Advisors LLC now owns 21,165 shares of the financial services provider's stock worth $930,000 after purchasing an additional 1,663 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
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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