Bank of America (NYSE:BAC) Hits New 12-Month High at $40.34

Bank of America Co. (NYSE:BAC) shares reached a new 52-week high during trading on Monday . The company traded as high as $40.34 and last traded at $39.83, with a volume of 8356529 shares. The stock had previously closed at $39.77.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of research analyst reports. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Piper Sandler boosted their price target on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Finally, Citigroup lifted their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and a consensus target price of $39.79.

Bank of America Trading Up 2.3 %

The stock has a market cap of $320.09 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.52 and a beta of 1.35. The business has a fifty day simple moving average of $38.95 and a 200 day simple moving average of $36.17. 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 results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Bank of America by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 644,460,334 shares of the financial services provider’s stock worth $24,437,936,000 after buying an additional 36,124,363 shares during the period. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter valued at about $3,734,407,000. Price T Rowe Associates Inc. MD grew its stake in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock valued at $1,408,520,000 after acquiring an additional 1,315,056 shares in the last quarter. Finally, Parnassus Investments LLC grew its stake in shares of Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after acquiring an additional 2,935,040 shares in 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.