Bank of America Co. (NYSE:BAC)’s stock price traded up 4.8% during trading on Friday . The company traded as high as $31.90 and last traded at $31.57. 1,009,945 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 52,451,813 shares. The stock had previously closed at $30.13.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the stock. Morgan Stanley reduced their price target on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, July 12th. Royal Bank of Canada dropped their price objective on shares of Bank of America from $51.00 to $45.00 in a research note on Tuesday, June 14th. Oppenheimer dropped their price objective on shares of Bank of America from $52.00 to $50.00 in a research note on Tuesday, May 3rd. Credit Suisse Group dropped their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, June 27th. Finally, Societe Generale raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective on the stock in a research note on Monday, July 11th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.39.
Bank of America Price Performance
The business’s fifty day moving average is $33.73 and its 200-day moving average is $39.91. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market cap of $259.83 billion, a PE ratio of 9.21, a P/E/G ratio of 1.31 and a beta of 1.41.
Bank of America (NYSE:BAC – Get Rating) last posted its quarterly earnings data on Monday, April 18th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The business had revenue of $23.20 billion during the quarter, compared to the consensus estimate of $23.09 billion. During the same quarter last year, the company posted $0.86 earnings per share. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, research analysts predict that Bank of America Co. will post 3.29 earnings per share for the current fiscal year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Friday, June 3rd were paid a $0.21 dividend. The ex-dividend date was Thursday, June 2nd. This represents a $0.84 annualized dividend and a dividend yield of 2.60%. Bank of America’s payout ratio is 24.00%.
Hedge Funds Weigh In On Bank of America
Several large investors have recently modified their holdings of BAC. Bromfield Sneider Wealth Advisors purchased a new position in shares of Bank of America in the first quarter worth about $26,000. Corbenic Partners LLC increased its stake in shares of Bank of America by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 422 shares in the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new position in shares of Bank of America in the first quarter worth about $26,000. Bivin & Associates Inc. purchased a new position in shares of Bank of America in the fourth quarter worth about $28,000. Finally, Capital Management Associates NY purchased a new position in Bank of America during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 70.46% 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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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