Bank of America (NYSE:BAC) Shares Up 1.3% – Here’s What Happened

Bank of America Corporation (NYSE:BAC)’s share price rose 1.3% on Friday . The stock traded as high as $53.94 and last traded at $53.6950. Approximately 18,920,366 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 40,124,172 shares. The stock had previously closed at $52.99.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. Citigroup boosted their target price on shares of Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Seaport Global Securities lifted their target price on shares of Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 6th. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Dbs Bank upgraded Bank of America to a “moderate buy” rating in a report on Wednesday, October 22nd. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Bank of America in a report on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

Bank of America Trading Up 1.3%

The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $392.11 billion, a PE ratio of 14.63, a PEG ratio of 1.99 and a beta of 1.34. The company has a 50 day simple moving average of $51.87 and a two-hundred day simple moving average of $48.69.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 EPS. Sell-side analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. Bank of America’s payout ratio is presently 30.52%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its stake in shares of Bank of America by 0.3% during the second quarter. Geode Capital Management LLC now owns 148,176,755 shares of the financial services provider’s stock worth $6,982,863,000 after buying an additional 403,652 shares during the last quarter. Capital World Investors boosted its stake in Bank of America by 11.0% in the 3rd quarter. Capital World Investors now owns 144,371,118 shares of the financial services provider’s stock worth $7,448,816,000 after purchasing an additional 14,275,810 shares during the period. Norges Bank acquired a new stake in Bank of America in the 2nd quarter valued at approximately $5,091,641,000. Fisher Asset Management LLC lifted its position in shares of Bank of America by 2.5% in the third quarter. Fisher Asset Management LLC now owns 52,677,988 shares of the financial services provider’s stock worth $2,717,657,000 after purchasing an additional 1,272,315 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock valued at $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

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.