Bank of America (NYSE:BAC) Stock Price Up 1.9% – Time to Buy?

Bank of America Co. (NYSE:BAC) shares were up 1.9% during mid-day trading on Monday . The company traded as high as $36.63 and last traded at $35.04. Approximately 43,476,973 shares were traded during trading, an increase of 15% from the average daily volume of 37,849,039 shares. The stock had previously closed at $34.39.

Analyst Ratings Changes

Several research firms recently weighed in on BAC. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Truist Financial dropped their price objective on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a report on Friday, April 4th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Finally, Citigroup cut their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Stock Up 6.5 %

The company has a market capitalization of $283.75 billion, a P/E ratio of 11.59, a PEG ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50 day moving average of $42.68 and a 200-day moving average of $43.74.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.70 EPS. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.79%. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently modified their holdings of BAC. Principal Financial Group Inc. lifted its stake in shares of Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after purchasing an additional 569,385 shares during the period. Morse Asset Management Inc purchased a new position in Bank of America during the third quarter valued at $306,000. Continuum Advisory LLC boosted its holdings in shares of Bank of America by 74.6% during the 3rd quarter. Continuum Advisory LLC now owns 16,470 shares of the financial services provider’s stock valued at $654,000 after buying an additional 7,039 shares in the last quarter. Executive Wealth Management LLC purchased a new stake in shares of Bank of America in the 3rd quarter worth about $399,000. Finally, Vestcor Inc lifted its position in Bank of America by 2.5% during the 3rd quarter. Vestcor Inc now owns 177,009 shares of the financial services provider’s stock valued at $7,024,000 after acquiring an additional 4,300 shares during the period. 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.