Bank of America (NYSE:BAC) Shares Down 1.7%

Bank of America Co. (NYSE:BAC)’s share price was down 1.7% on Thursday . The stock traded as low as $37.38 and last traded at $37.68. Approximately 11,224,357 shares traded hands during trading, a decline of 73% from the average daily volume of 41,217,918 shares. The stock had previously closed at $38.32.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. HSBC reissued a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Citigroup increased their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Jefferies Financial Group increased their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research note on Tuesday, January 16th. Finally, BMO Capital Markets raised their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Trading Down 1.1 %

The business’s 50-day moving average price is $35.98 and its 200 day moving average price is $32.61. The company has a market cap of $299.13 billion, a P/E ratio of 13.04, a P/E/G ratio of 1.73 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.94 EPS. As a group, analysts expect that Bank of America Co. will post 3.18 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. Bank of America’s dividend payout ratio is 33.22%.

Hedge Funds Weigh In On Bank of America

Institutional investors have recently added to or reduced their stakes in the stock. Schechter Investment Advisors LLC grew its holdings in Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after acquiring an additional 4,187 shares during the last quarter. Stonebridge Capital Advisors LLC boosted its stake in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after purchasing an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after purchasing an additional 46,950 shares during the last quarter. Sarasin & Partners LLP bought a new stake in shares of Bank of America in the 4th quarter valued at $673,000. Finally, Pinnacle Associates Ltd. boosted its stake in shares of Bank of America by 30.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after purchasing an additional 225,767 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.