Bank of America (NYSE:BAC) Stock Price Down 0.9%

Bank of America Co. (NYSE:BAC) fell 0.9% during trading on Tuesday . The stock traded as low as $39.60 and last traded at $39.67. 6,618,667 shares changed hands during trading, a decline of 83% from the average session volume of 38,692,570 shares. The stock had previously closed at $40.02.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BAC. UBS Group reaffirmed a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Wells Fargo & Company upped their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. 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 report on Monday, April 8th. Finally, Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America Stock Down 1.0 %

The stock has a market cap of $304.99 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company’s 50-day moving average price is $38.71 and its 200 day moving average price is $35.95.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.46%. Bank of America’s dividend payout ratio is presently 33.22%.

Institutional Trading of Bank of America

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 547 shares in the last quarter. Livelsberger Financial Advisory purchased a new position in Bank of America during the 4th quarter valued at approximately $28,000. Northwest Investment Counselors LLC purchased a new position in Bank of America during the 1st quarter valued at approximately $33,000. Clearstead Trust LLC increased its stake in Bank of America by 1,489.3% in the 1st quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the last quarter. Finally, Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter worth approximately $25,000. 70.71% of the stock is currently owned by 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.