Bank of America (NYSE:BAC) Hits New 52-Week High at $40.31

Bank of America Co. (NYSE:BAC)’s stock price hit a new 52-week high on Thursday . The stock traded as high as $40.31 and last traded at $40.24, with a volume of 6468940 shares changing hands. The stock had previously closed at $39.99.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Jefferies Financial Group increased their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and increased their target price for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. UBS Group restated a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Finally, Wells Fargo & Company increased their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Trading Down 1.4 %

The business has a 50-day moving average price of $38.53 and a two-hundred day moving average price of $35.75. The company has a market cap of $308.51 billion, a P/E ratio of 13.65, a P/E/G ratio of 1.78 and a beta of 1.36. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 earnings per share. On average, analysts predict that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.43%. Bank of America’s dividend payout ratio is currently 33.22%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Keynote Financial Services LLC acquired a new position in shares of Bank of America during the first quarter worth about $944,000. American Trust boosted its position in shares of Bank of America by 38.5% during the first quarter. American Trust now owns 10,059 shares of the financial services provider’s stock worth $381,000 after buying an additional 2,798 shares during the period. Clear Rock Advisors LLC boosted its position in shares of Bank of America by 1.8% during the first quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider’s stock worth $3,109,000 after buying an additional 1,425 shares during the period. Peninsula Wealth LLC acquired a new position in shares of Bank of America during the first quarter worth about $377,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Bank of America during the first quarter worth about $1,148,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.