Bank of America (NYSE:BAC) Trading Down 0.3%

Bank of America Co. (NYSE:BAC)’s share price fell 0.3% during trading on Wednesday . The company traded as low as $40.75 and last traded at $40.82. 7,044,602 shares were traded during mid-day trading, a decline of 82% from the average session volume of 38,588,211 shares. The stock had previously closed at $40.93.

Wall Street Analyst Weigh In

A number of brokerages have commented on BAC. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company lifted their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Piper Sandler lifted their target price on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Finally, Seaport Res Ptn raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.02.

Bank of America Stock Performance

The stock has a market capitalization of $319.93 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The company has a 50 day simple moving average of $39.00 and a 200-day simple moving average of $36.22. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for 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%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid 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 2.35%. Bank of America’s payout ratio is presently 33.22%.

Institutional Trading of Bank of America

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hudson Valley Investment Advisors Inc. ADV raised its stake in shares of Bank of America by 49.2% during the 2nd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 161,557 shares of the financial services provider’s stock valued at $6,425,000 after purchasing an additional 53,279 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Bank of America by 1.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 719,918 shares of the financial services provider’s stock valued at $28,631,000 after purchasing an additional 10,910 shares during the period. GAMMA Investing LLC raised its stake in shares of Bank of America by 32.1% during the 2nd quarter. GAMMA Investing LLC now owns 82,378 shares of the financial services provider’s stock valued at $3,276,000 after purchasing an additional 20,019 shares during the period. Transcend Capital Advisors LLC raised its stake in shares of Bank of America by 13.8% during the 2nd quarter. Transcend Capital Advisors LLC now owns 70,059 shares of the financial services provider’s stock valued at $2,786,000 after purchasing an additional 8,514 shares during the period. Finally, Neville Rodie & Shaw Inc. raised its stake in shares of Bank of America by 1.0% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 53,518 shares of the financial services provider’s stock valued at $2,128,000 after purchasing an additional 543 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Company Profile

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.