Bank of America (NYSE:BAC) Shares Down 0% – What’s Next?

Bank of America Co. (NYSE:BAC) fell 0% during trading on Tuesday . The stock traded as low as $44.46 and last traded at $44.76. 6,008,673 shares traded hands during trading, a decline of 85% from the average session volume of 39,549,165 shares. The stock had previously closed at $44.77.

Analyst Upgrades and Downgrades

BAC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. 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 equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Stock Down 0.1%

The stock has a fifty day moving average of $40.13 and a 200 day moving average of $43.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $336.71 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27.

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

Bank of America Dividend Announcement

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

Institutional Investors Weigh In On Bank of America

Several large investors have recently modified their holdings of BAC. Graney & King LLC purchased a new stake in Bank of America in the fourth quarter worth $25,000. Collier Financial bought a new stake in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the fourth quarter valued at about $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the fourth quarter valued at about $30,000. Finally, Marshall & Sterling Wealth Advisors Inc. bought a new position in 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.

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.