Bank of America (NYSE:BAC) Hits New 1-Year High After Dividend Announcement

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Bank of America Corp (NYSE:BAC) shares hit a new 52-week high on Tuesday following a dividend announcement from the company. The company traded as high as $31.29 and last traded at $31.23, with a volume of 17605284 shares traded. The stock had previously closed at $31.02.

The newly announced dividend which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s payout ratio is 27.59%.

A number of analysts have commented on the company. UBS Group lifted their target price on Bank of America from $33.00 to $34.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. reduced their target price on Bank of America from $31.00 to $30.00 and set an “overweight” rating for the company in a report on Thursday, October 10th. Atlantic Securities raised Bank of America from a “neutral” rating to an “overweight” rating in a report on Tuesday. Keefe, Bruyette & Woods lowered Bank of America from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $36.00 to $29.00 in a report on Thursday, September 5th. Finally, Zacks Investment Research lowered Bank of America from a “hold” rating to a “sell” rating and set a $32.00 target price for the company. in a report on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $32.39.

The stock has a market capitalization of $290.42 billion, a PE ratio of 11.95, a P/E/G ratio of 1.18 and a beta of 1.60. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.99. The stock has a 50 day moving average price of $29.11 and a 200-day moving average price of $28.85.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.07. The firm had revenue of $22.96 billion for the quarter, compared to the consensus estimate of $22.73 billion. Bank of America had a return on equity of 12.05% and a net margin of 24.16%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $0.66 EPS. Research analysts forecast that Bank of America Corp will post 2.87 earnings per share for the current year.

Bank of America declared that its board has initiated a share buyback program on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

In related news, insider Kathleen A. Knox sold 40,000 shares of Bank of America stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $30.23, for a total transaction of $1,209,200.00. Following the transaction, the insider now directly owns 43,744 shares in the company, valued at $1,322,381.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Of America Corp /De/ Bank sold 5,370 shares of Bank of America stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.78, for a total value of $63,258.60. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wendell David Associates Inc. lifted its position in shares of Bank of America by 1.5% in the third quarter. Wendell David Associates Inc. now owns 24,452 shares of the financial services provider’s stock valued at $713,000 after acquiring an additional 350 shares in the last quarter. Rainey & Randall Investment Management Inc. lifted its position in shares of Bank of America by 3.5% in the third quarter. Rainey & Randall Investment Management Inc. now owns 10,415 shares of the financial services provider’s stock valued at $304,000 after acquiring an additional 356 shares in the last quarter. Rowland & Co. Investment Counsel ADV lifted its position in shares of Bank of America by 9.7% in the second quarter. Rowland & Co. Investment Counsel ADV now owns 4,086 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 360 shares in the last quarter. Holderness Investments Co. lifted its position in shares of Bank of America by 0.6% in the second quarter. Holderness Investments Co. now owns 64,230 shares of the financial services provider’s stock valued at $1,863,000 after acquiring an additional 360 shares in the last quarter. Finally, Kistler Tiffany Companies LLC lifted its position in shares of Bank of America by 2.4% in the second quarter. Kistler Tiffany Companies LLC now owns 15,725 shares of the financial services provider’s stock valued at $456,000 after acquiring an additional 365 shares in the last quarter. Institutional investors own 68.48% of the company’s stock.

Bank of America Company Profile (NYSE:BAC)

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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