Bank of America (NYSE:BAC) Shares Up 1%

Bank of America Co. (NYSE:BAC)’s share price shot up 1% during mid-day trading on Monday . The stock traded as high as $36.76 and last traded at $36.16. 11,114,858 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 39,975,973 shares. The stock had previously closed at $35.79.

Analysts Set New Price Targets

BAC has been the subject of a number of research analyst reports. Citigroup lifted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Barclays lifted their price target on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, HSBC reiterated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $38.29.

Bank of America Price Performance

The company has a market capitalization of $273.65 billion, a P/E ratio of 11.30, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. The firm’s 50-day moving average is $35.51 and its 200-day moving average is $32.19. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.77%. Bank of America’s payout ratio is currently 31.27%.

Hedge Funds Weigh In On Bank of America

A number of hedge funds have recently modified their holdings of the company. Rossmore Private Capital boosted its position in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares during the period. Fort Sheridan Advisors LLC boosted its position in shares of Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after purchasing an additional 303 shares during the period. Chemistry Wealth Management LLC lifted its holdings in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after buying an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC lifted its holdings in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares in the last quarter. Finally, Kennedy Investment Group lifted its holdings in shares of Bank of America by 0.6% in the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after buying an additional 321 shares in the last quarter. 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.