Bank of America (NYSE:BAC) Stock Price Down 0.2% – Time to Sell?

Bank of America Co. (NYSE:BAC)’s stock price was down 0.2% during mid-day trading on Friday . The stock traded as low as $43.66 and last traded at $44.28. Approximately 16,078,558 shares were traded during trading, a decline of 64% from the average daily volume of 44,255,598 shares. The stock had previously closed at $44.38.

Wall Street Analyst Weigh In

Several research analysts have issued reports on BAC shares. Citigroup dropped their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Royal Bank of Canada dropped their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research note on Tuesday, April 1st. Oppenheimer lifted their price target on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Stock Up 0.6%

The company has a market cap of $336.38 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.21 and a beta of 1.27. 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 business’s 50 day moving average is $40.03 and its 200 day moving average is $43.55.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is currently 30.95%.

Hedge Funds Weigh In On Bank of America

Several institutional investors and hedge funds have recently bought and sold shares of BAC. Regent Peak Wealth Advisors LLC grew its holdings in shares of Bank of America by 10.3% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after buying an additional 1,116 shares during the last quarter. Empirical Asset Management LLC grew its holdings in shares of Bank of America by 47.8% during the fourth quarter. Empirical Asset Management LLC now owns 45,096 shares of the financial services provider’s stock valued at $1,982,000 after buying an additional 14,576 shares during the last quarter. Merit Financial Group LLC grew its holdings in shares of Bank of America by 34.7% during the fourth quarter. Merit Financial Group LLC now owns 135,385 shares of the financial services provider’s stock valued at $5,950,000 after buying an additional 34,881 shares during the last quarter. Sax Wealth Advisors LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $546,000. Finally, Brooklyn Investment Group grew its holdings in shares of Bank of America by 8.3% during the fourth quarter. Brooklyn Investment Group now owns 33,180 shares of the financial services provider’s stock valued at $1,458,000 after buying an additional 2,550 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.