Bank of America (NYSE:BAC) Stock Price Up 0.1% – Here’s What Happened

Bank of America Co. (NYSE:BAC) traded up 0.1% during trading on Monday . The stock traded as high as $41.22 and last traded at $41.29. 10,446,995 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 37,153,603 shares. The stock had previously closed at $41.25.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BAC shares. Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Evercore ISI lowered their price objective on Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Truist Financial raised their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.45.

Bank of America Stock Up 0.8 %

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $315.97 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32. The firm has a 50-day moving average of $44.45 and a two-hundred day moving average of $43.93.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 EPS. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio (DPR) is 32.30%.

Hedge Funds Weigh In On Bank of America

Hedge funds have recently made changes to their positions in the stock. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter worth $25,000. Collier Financial purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the fourth quarter worth about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth about $31,000. Hedge funds and other 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.