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

Bank of America Co. (NYSE:BAC) shares traded up 1% during trading on Monday . The company traded as high as $37.38 and last traded at $37.35. 9,868,030 shares traded hands during trading, a decline of 76% from the average session volume of 41,348,703 shares. The stock had previously closed at $36.97.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. BMO Capital Markets raised their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Finally, Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.53.

Bank of America Price Performance

The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $302.72 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.70 and a beta of 1.39. The stock has a fifty day moving average price of $35.88 and a 200-day moving average price of $32.57.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.94 EPS. On average, equities analysts expect that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.50%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently modified their holdings of the company. Bell Bank lifted its stake in Bank of America by 10.3% in the first quarter. Bell Bank now owns 17,376 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 1,623 shares during the last quarter. Charter Oak Capital Management LLC bought a new position in shares of Bank of America during the 1st quarter valued at $206,000. Iowa State Bank lifted its stake in shares of Bank of America by 340.1% in the 1st quarter. Iowa State Bank now owns 43,701 shares of the financial services provider’s stock valued at $1,657,000 after purchasing an additional 33,772 shares during the last quarter. Triad Wealth Partners LLC bought a new stake in Bank of America in the first quarter worth $225,000. Finally, Precedent Wealth Partners LLC increased its position in Bank of America by 10.9% during the first quarter. Precedent Wealth Partners LLC now owns 27,057 shares of the financial services provider’s stock worth $1,026,000 after buying an additional 2,653 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of America

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.