Bank of America (NYSE:BAC) Stock Price Up 1%

Bank of America Co. (NYSE:BAC) shares were up 1% on Monday . The stock traded as high as $37.38 and last traded at $37.35. Approximately 9,868,030 shares were traded during trading, a decline of 76% from the average daily volume of 41,348,703 shares. The stock had previously closed at $36.97.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Friday, April 19th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Evercore ISI upped their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, BMO Capital Markets raised their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. One equities research 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Stock Up 1.7 %

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $302.72 billion, a P/E ratio of 13.28, a P/E/G ratio of 1.70 and a beta of 1.39. The stock’s 50-day moving average price is $35.88 and its two-hundred day moving average price is $32.57.

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, topping analysts’ consensus estimates 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 business 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 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts expect that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.50%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently modified their holdings of the business. Impact Partnership Wealth LLC lifted its position in shares of Bank of America by 879.9% during the third quarter. Impact Partnership Wealth LLC now owns 2,244 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 2,015 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in Bank of America by 2.6% during the 3rd quarter. GHP Investment Advisors Inc. now owns 127,343 shares of the financial services provider’s stock worth $3,408,000 after purchasing an additional 3,170 shares in the last quarter. Carolina Wealth Advisors LLC lifted its holdings in Bank of America by 3,372.9% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 2,431 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 2,361 shares in the last quarter. Meridian Wealth Management LLC grew its holdings in Bank of America by 79.5% during the 3rd quarter. Meridian Wealth Management LLC now owns 74,154 shares of the financial services provider’s stock valued at $2,030,000 after buying an additional 32,847 shares in the last quarter. Finally, CreativeOne Wealth LLC lifted its holdings in shares of Bank of America by 67.4% in the third quarter. CreativeOne Wealth LLC now owns 64,962 shares of the financial services provider’s stock worth $1,779,000 after buying an additional 26,160 shares in the last quarter. 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.