Bank of America (NYSE:BAC) Trading Up 1.5%

Bank of America Co. (NYSE:BAC)’s stock price rose 1.5% on Tuesday . The stock traded as high as $38.30 and last traded at $38.29. Approximately 10,051,375 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 41,378,871 shares. The stock had previously closed at $37.73.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Jefferies Financial Group raised their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. BMO Capital Markets raised their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Oppenheimer decreased their price target on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. UBS Group reaffirmed 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. Finally, Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Stock Up 1.4 %

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 company has a market capitalization of $301.97 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. The company has a 50-day moving average of $35.77 and a two-hundred day moving average of $32.48.

Bank of America (NYSE:BAC) last released its quarterly earnings results 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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. On average, research analysts predict that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Institutional Investors Weigh In On Bank of America

Several hedge funds have recently added to or reduced their stakes in the stock. Nations Financial Group Inc. IA ADV boosted its holdings in Bank of America by 3.0% in the first quarter. Nations Financial Group Inc. IA ADV now owns 22,043 shares of the financial services provider’s stock worth $836,000 after acquiring an additional 644 shares in the last quarter. McAdam LLC raised its stake in shares of Bank of America by 14.0% in the first quarter. McAdam LLC now owns 11,196 shares of the financial services provider’s stock worth $425,000 after purchasing an additional 1,371 shares during the last quarter. Wesbanco Bank Inc. raised its stake in shares of Bank of America by 28.0% in the first quarter. Wesbanco Bank Inc. now owns 39,731 shares of the financial services provider’s stock worth $1,507,000 after purchasing an additional 8,702 shares during the last quarter. Summit Trail Advisors LLC raised its stake in shares of Bank of America by 53.5% in the first quarter. Summit Trail Advisors LLC now owns 92,558 shares of the financial services provider’s stock worth $3,510,000 after purchasing an additional 32,246 shares during the last quarter. Finally, Regatta Capital Group LLC raised its stake in shares of Bank of America by 3.5% in the first quarter. Regatta Capital Group LLC now owns 12,720 shares of the financial services provider’s stock worth $482,000 after purchasing an additional 426 shares during the last quarter. 70.71% of the stock is owned by 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.