Bank of America (NYSE:BAC) Trading 4.2% Higher After Earnings Beat

Bank of America Co. (NYSE:BAC)’s share price was up 4.2% on Tuesday following a stronger than expected earnings report. The company traded as high as $38.75 and last traded at $38.21. Approximately 36,852,765 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 39,231,248 shares. The stock had previously closed at $36.67.

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 return on equity of 10.29% and a net margin of 14.10%.

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 paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BAC shares. Evercore ISI cut their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Citigroup decreased their price objective on shares of 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. Morgan Stanley lifted their target price on 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 Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, UBS Group raised Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.31.

Hedge Funds Weigh In On Bank of America

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parsons Capital Management Inc. RI increased its stake in shares of Bank of America by 0.6% during the 1st quarter. Parsons Capital Management Inc. RI now owns 200,111 shares of the financial services provider’s stock worth $8,351,000 after purchasing an additional 1,195 shares in the last quarter. Sonora Investment Management Group LLC grew its holdings in Bank of America by 23.5% during the 1st quarter. Sonora Investment Management Group LLC now owns 8,054 shares of the financial services provider’s stock valued at $336,000 after buying an additional 1,533 shares during the last quarter. Accurate Wealth Management LLC increased its position in Bank of America by 14.3% during the first quarter. Accurate Wealth Management LLC now owns 35,332 shares of the financial services provider’s stock worth $1,474,000 after buying an additional 4,422 shares in the last quarter. Fiduciary Financial Group LLC raised its holdings in shares of Bank of America by 14.0% in the first quarter. Fiduciary Financial Group LLC now owns 20,834 shares of the financial services provider’s stock worth $869,000 after acquiring an additional 2,563 shares during the last quarter. Finally, Simplicity Wealth LLC lifted its position in shares of Bank of America by 821.7% in the first quarter. Simplicity Wealth LLC now owns 63,576 shares of the financial services provider’s stock valued at $2,653,000 after acquiring an additional 56,678 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

The company has a market capitalization of $289.86 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. 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 stock’s fifty day simple moving average is $42.04 and its 200-day simple moving average is $43.70.

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.