Bank of America (NYSE:BAC) Trading 0.3% Higher

Bank of America Co. (NYSE:BAC) shares rose 0.3% during trading on Monday . The company traded as high as $38.06 and last traded at $37.94. Approximately 5,923,628 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 40,999,852 shares. The stock had previously closed at $37.83.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Barclays increased their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Oppenheimer dropped their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Evercore ISI raised their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $38.53.

Bank of America Stock Down 0.5 %

The stock has a market capitalization of $297.08 billion, a PE ratio of 13.06, a P/E/G ratio of 1.69 and a beta of 1.39. The firm has a 50 day moving average of $36.13 and a two-hundred day moving average of $32.80. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.55%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Hedge Funds Weigh In On Bank of America

Hedge funds have recently bought and sold shares of the company. Livelsberger Financial Advisory purchased a new position in Bank of America during the fourth quarter worth $28,000. Northwest Investment Counselors LLC purchased a new position in Bank of America during the first quarter worth $33,000. Fortis Group Advisors LLC purchased a new position in Bank of America during the third quarter worth $25,000. Criterion Capital Advisors LLC purchased a new position in Bank of America during the fourth quarter worth $32,000. Finally, Glass Jacobson Investment Advisors llc increased its position in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares in the last quarter. 70.71% of the stock is 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.