Bank of America (NYSE:BAC) Trading 0.1% Higher – Here’s What Happened

Bank of America Co. (NYSE:BAC)’s stock price was up 0.1% on Monday . The stock traded as high as $41.22 and last traded at $41.29. Approximately 10,446,995 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 37,153,603 shares. The stock had previously closed at $41.25.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Oppenheimer upped their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Evercore ISI cut their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday. Citigroup decreased their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Finally, Truist Financial lifted their price objective on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Stock Performance

The stock has a market capitalization of $315.42 billion, a PE ratio of 12.88, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50 day moving average of $44.25 and a 200-day moving average of $43.97.

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

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is presently 32.30%.

Institutional Trading of Bank of America

A number of institutional investors have recently bought and sold shares of BAC. Hobart Private Capital LLC acquired a new stake in shares of Bank of America during the 1st quarter valued at about $207,000. MassMutual Private Wealth & Trust FSB lifted its stake in Bank of America by 1.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 704,029 shares of the financial services provider’s stock valued at $29,379,000 after acquiring an additional 10,205 shares during the last quarter. Fire Capital Management LLC bought a new stake in Bank of America in the fourth quarter worth approximately $377,000. Mascagni Wealth Management Inc. acquired a new position in shares of Bank of America during the 4th quarter worth $40,000. Finally, DSG Capital Advisors LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $6,753,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Company Profile

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.