Bank of America (NYSE:BAC) Trading Up 1.3% – Here’s Why

Bank of America Co. (NYSE:BAC) rose 1.3% during mid-day trading on Tuesday . The company traded as high as $37.33 and last traded at $36.04. Approximately 20,928,575 shares traded hands during trading, a decline of 45% from the average daily volume of 38,144,295 shares. The stock had previously closed at $35.58.

Wall Street Analyst Weigh In

A number of research firms recently commented on BAC. Truist Financial lowered their price target on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. Piper Sandler dropped their target price on Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, January 17th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Evercore ISI reduced their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Bank of America Price Performance

The stock has a market capitalization of $263.92 billion, a PE ratio of 10.77, a P/E/G ratio of 1.21 and a beta of 1.24. The firm’s 50 day simple moving average is $43.51 and its 200 day simple moving average is $43.90. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 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 company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter last year, the company earned $0.70 EPS. The firm’s revenue was up 15.0% compared to the same quarter last year. As a group, equities analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.00%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is presently 32.30%.

Institutional Trading of Bank of America

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Bank of America during the fourth quarter worth about $60,679,000. Arizona State Retirement System grew its stake in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock worth $89,150,000 after purchasing an additional 10,377 shares during the last quarter. Keybank National Association OH increased its holdings in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after purchasing an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after purchasing an additional 297,858 shares during the last quarter. Institutional investors 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.