Bank of America (NYSE:BAC) Trading Down 1.7%

Bank of America Co. (NYSE:BAC) shares dropped 1.7% during mid-day trading on Thursday . The stock traded as low as $37.38 and last traded at $37.68. Approximately 11,224,357 shares were traded during trading, a decline of 73% from the average daily volume of 41,217,918 shares. The stock had previously closed at $38.32.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Keefe, Bruyette & Woods raised 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. UBS Group reissued a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Stock Down 0.2 %

The business’s fifty day moving average is $36.13 and its two-hundred day moving average is $32.72. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $298.42 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.70 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. Bank of America’s dividend payout ratio is presently 33.22%.

Institutional Trading of Bank of America

Institutional investors have recently modified their holdings of the stock. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc increased its holdings in shares of Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the period. Livelsberger Financial Advisory acquired a new position in shares of Bank of America in the 4th quarter valued at $28,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.