Bank of America (NYSE:BAC) Trading Down 1.9% – Time to Sell?

Bank of America Co. (NYSE:BAC)’s stock price traded down 1.9% during mid-day trading on Monday . The stock traded as low as $36.70 and last traded at $36.68. 8,728,511 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 45,592,035 shares. The stock had previously closed at $37.41.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BAC shares. JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Piper Sandler lowered their target price on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and an average target price of $47.43.

Bank of America Stock Performance

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 company has a market capitalization of $277.65 billion, a P/E ratio of 11.34, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The business has a 50 day moving average of $41.27 and a 200-day moving average of $43.65.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 30.95%.

Institutional Trading of Bank of America

Large investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Bank of America in the 4th quarter worth $5,226,989,000. Capital World Investors grew its position in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Amundi raised its position in Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during 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.