Bank of America (NYSE:BAC) Stock Price Up 2.8% – What’s Next?

Bank of America Co. (NYSE:BAC)’s stock price shot up 2.8% during trading on Monday . The company traded as high as $36.99 and last traded at $36.95. 14,614,847 shares traded hands during trading, a decline of 63% from the average session volume of 39,109,568 shares. The stock had previously closed at $35.95.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. 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 note on Tuesday, January 7th. Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Friday, January 17th. Piper Sandler decreased their target price on shares of Bank of America from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Friday, January 17th. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and increased their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Stock Up 2.6 %

The company has a market cap of $280.39 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.21 and a beta of 1.24. The firm’s fifty day simple moving average is $42.25 and its 200 day simple moving average is $43.72. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

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

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.82%. 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 modified their holdings of the business. Principal Financial Group Inc. increased its position in Bank of America by 3.8% in the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares during the period. Morse Asset Management Inc purchased a new stake in shares of Bank of America during the third quarter worth approximately $306,000. SkyView Investment Advisors LLC lifted its holdings in shares of Bank of America by 4.3% during the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock worth $619,000 after purchasing an additional 645 shares during the period. Tudor Financial Inc. acquired a new position in Bank of America in the 3rd quarter valued at $645,000. Finally, Eaton Financial Holdings Company LLC acquired a new stake in shares of Bank of America in the 3rd quarter worth $488,000. 70.71% of the stock is currently owned by hedge funds and other 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.