Bank of America (NYSE:BAC) Trading 1.1% Higher – What’s Next?

Shares of Bank of America Co. (NYSE:BAC) rose 1.1% on Monday . The company traded as high as $42.40 and last traded at $42.35. Approximately 5,020,390 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 38,479,977 shares. The stock had previously closed at $41.89.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BAC shares. Barclays raised their price objective on Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a report on Wednesday, October 16th. Cfra reissued a “sell” rating and set a $39.00 price objective on shares of Bank of America in a report on Tuesday, July 16th. Morgan Stanley raised their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Bank of America Stock Up 1.9 %

The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $333.70 billion, a PE ratio of 14.70, a P/E/G ratio of 1.43 and a beta of 1.33. The stock has a 50-day moving average of $40.24 and a 200 day moving average of $39.62.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America’s revenue was up .4% on a year-over-year basis. During the same period last year, the business posted $0.90 earnings per share. Sell-side analysts anticipate that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio (DPR) is 35.99%.

Bank of America declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 24th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other Bank of America news, insider Lindsay D. Hans sold 10,901 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the transaction, the insider now directly owns 10,907 shares of the company’s stock, valued at approximately $402,577.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the sale, the insider now owns 96,082 shares of the company’s stock, valued at approximately $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 120,072,238 shares of company stock valued at $4,833,067,143. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently added to or reduced their stakes in the company. McAdam LLC boosted its holdings in Bank of America by 2.1% in the 2nd quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock valued at $455,000 after purchasing an additional 238 shares during the last quarter. Integrity Financial Corp WA boosted its holdings in Bank of America by 1.6% in the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 240 shares during the last quarter. BTC Capital Management Inc. raised its stake in shares of Bank of America by 1.2% in the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 248 shares during the period. Central Bank & Trust Co. raised its stake in shares of Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the period. Finally, SNS Financial Group LLC raised its stake in shares of Bank of America by 3.3% in the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after acquiring an additional 248 shares during the period. 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.