Bank of America (NYSE:BAC) Trading Down 1.1%

Bank of America Co. (NYSE:BAC)’s share price traded down 1.1% during mid-day trading on Friday . The stock traded as low as $40.38 and last traded at $40.47. 5,566,452 shares traded hands during trading, a decline of 86% from the average session volume of 38,407,477 shares. The stock had previously closed at $40.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, April 19th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Finally, HSBC reissued a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $40.02.

Bank of America Trading Down 1.3 %

The firm has a 50 day simple moving average of $39.12 and a 200 day simple moving average of $36.28. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $315.71 billion, a P/E ratio of 13.96, a P/E/G ratio of 1.56 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its earnings results 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 business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 EPS. On average, equities research analysts predict that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.38%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Trading of Bank of America

A number of large investors have recently modified their holdings of the business. Alps Advisors Inc. raised its holdings in shares of Bank of America by 4.0% during the 3rd quarter. Alps Advisors Inc. now owns 34,540 shares of the financial services provider’s stock valued at $946,000 after buying an additional 1,333 shares in the last quarter. Baker Avenue Asset Management LP raised its holdings in shares of Bank of America by 0.8% during the 3rd quarter. Baker Avenue Asset Management LP now owns 181,996 shares of the financial services provider’s stock valued at $4,983,000 after buying an additional 1,460 shares in the last quarter. Toroso Investments LLC raised its holdings in shares of Bank of America by 18.8% during the 3rd quarter. Toroso Investments LLC now owns 212,768 shares of the financial services provider’s stock valued at $5,826,000 after buying an additional 33,727 shares in the last quarter. Ramirez Asset Management Inc. purchased a new position in shares of Bank of America during the 3rd quarter valued at about $1,204,000. Finally, Townsquare Capital LLC raised its holdings in shares of Bank of America by 1.2% during the 3rd quarter. Townsquare Capital LLC now owns 326,800 shares of the financial services provider’s stock valued at $8,948,000 after buying an additional 3,847 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

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.