Bank of America (NYSE:BAC) Stock Price Down 0% – Here’s What Happened

Bank of America Co. (NYSE:BAC) shares traded down 0% during trading on Tuesday . The company traded as low as $44.46 and last traded at $44.76. 6,008,673 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 39,549,165 shares. The stock had previously closed at $44.77.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Oppenheimer raised their price objective on Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Cfra Research raised their price target on Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, TD Cowen started coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Trading Down 0.1%

The firm’s 50-day simple moving average is $40.13 and its 200 day simple moving average is $43.59. The firm has a market capitalization of $336.71 billion, a price-to-earnings ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.27. 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 announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping 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%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

Institutional Trading of Bank of America

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of America in the 4th quarter worth approximately $5,226,989,000. Capital World Investors boosted its stake in shares of Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised 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 buying an additional 9,980,859 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.