Traders Sell Shares of Bank of America (BAC) on Strength (BAC)

Traders sold shares of Bank of America Corp (NYSE:BAC) on strength during trading on Wednesday. $180.36 million flowed into the stock on the tick-up and $301.57 million flowed out of the stock on the tick-down, for a money net flow of $121.21 million out of the stock. Of all equities tracked, Bank of America had the 0th highest net out-flow for the day. Bank of America traded up $0.35 for the day and closed at $29.29

BAC has been the subject of several recent research reports. ValuEngine lowered Bank of America from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Wells Fargo & Co set a $36.00 price target on Bank of America and gave the company a “buy” rating in a report on Wednesday, January 16th. Credit Suisse Group cut their price target on Bank of America from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, December 7th. Daiwa Capital Markets lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Friday, February 8th. Finally, Edward Jones raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, January 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $33.18.

The company has a market capitalization of $301.78 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.27 and a beta of 1.49. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $22.89 billion during the quarter, compared to analyst estimates of $22.37 billion. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 earnings per share. As a group, equities analysts predict that Bank of America Corp will post 2.84 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is 22.99%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimension Capital Management LLC boosted its stake in Bank of America by 7.3% during the third quarter. Dimension Capital Management LLC now owns 29,561 shares of the financial services provider’s stock valued at $871,000 after buying an additional 2,000 shares during the last quarter. Capital Management Associates NY bought a new position in Bank of America during the third quarter valued at approximately $431,000. Sompo Japan Nipponkoa Asset Management CO. LTD. boosted its stake in Bank of America by 29.0% during the third quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. now owns 151,530 shares of the financial services provider’s stock valued at $4,464,000 after buying an additional 34,110 shares during the last quarter. Gamble Jones Investment Counsel boosted its stake in Bank of America by 36.5% during the third quarter. Gamble Jones Investment Counsel now owns 35,520 shares of the financial services provider’s stock valued at $1,046,000 after buying an additional 9,506 shares during the last quarter. Finally, Independent Investors Inc. boosted its stake in Bank of America by 17.2% during the third quarter. Independent Investors Inc. now owns 21,790 shares of the financial services provider’s stock valued at $641,000 after buying an additional 3,203 shares during the last quarter. 64.22% of the stock is owned by hedge funds and other institutional investors.

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About Bank of America (NYSE:BAC)

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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