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

Bank of America Co. (NYSE:BAC) shares were up 1% on Monday . The company traded as high as $41.04 and last traded at $40.83. Approximately 4,503,391 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 38,289,941 shares. The stock had previously closed at $40.41.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BAC shares. Piper Sandler raised shares of Bank of America from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $37.00 to $42.00 in a research note on Tuesday. BMO Capital Markets lifted their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Oppenheimer lifted their price target on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Jefferies Financial Group lifted their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, HSBC reaffirmed a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $40.41.

Check Out Our Latest Stock Report on BAC

Bank of America Trading Up 0.7 %

The company’s 50 day simple moving average is $39.32 and its 200 day simple moving average is $36.48. The firm has a market cap of $326.27 billion, a price-to-earnings ratio of 14.35, a P/E/G ratio of 1.55 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BACGet Free Report) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. As a group, research analysts expect that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.30%. Bank of America’s payout ratio is currently 33.22%.

Hedge Funds Weigh In On Bank of America

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Bank of America by 5.9% during the first quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after purchasing an additional 36,124,363 shares in the last quarter. Norges Bank purchased a new stake in Bank of America in the fourth quarter valued at $3,734,407,000. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after acquiring an additional 1,315,056 shares during the last quarter. Finally, Parnassus Investments LLC lifted its position in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Company Profile

(Get Free Report)

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.

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