Bank of America (NYSE:BAC) Stock Price Down 4.3%

Bank of America Co. (NYSE:BAC) shares fell 4.3% during mid-day trading on Tuesday . The stock traded as low as $34.15 and last traded at $34.40. 30,881,101 shares were traded during mid-day trading, a decline of 23% from the average session volume of 40,298,012 shares. The stock had previously closed at $35.95.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Evercore ISI raised their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Citigroup raised their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, HSBC reissued a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $38.23.

Bank of America Stock Performance

The company has a market cap of $277.87 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a 50-day simple moving average of $35.55 and a 200 day simple moving average of $32.21.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for 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 company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 earnings per share. On average, sell-side analysts predict that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is currently 33.22%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Schechter Investment Advisors LLC boosted its stake in shares of Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares in the last quarter. Eastern Bank boosted its stake in shares of Bank of America by 354.5% in the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock valued at $3,278,000 after buying an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its stake in shares of Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP purchased a new stake in shares of Bank of America in the fourth quarter valued at approximately $673,000. Institutional investors and hedge funds 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.