Bank of America (NYSE:BAC) Stock Price Up 1.8%

Bank of America Co. (NYSE:BAC) traded up 1.8% during trading on Monday . The company traded as high as $40.34 and last traded at $40.22. 7,383,183 shares changed hands during trading, a decline of 81% from the average session volume of 38,746,762 shares. The stock had previously closed at $39.49.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Piper Sandler lifted their price target on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Citigroup lifted their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, April 19th. Finally, BMO Capital Markets raised their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Trading Down 1.0 %

The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm’s 50 day simple moving average is $38.71 and its two-hundred day simple moving average is $35.95. The stock has a market cap of $304.99 billion, a P/E ratio of 13.51, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36.

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

Bank of America Dividend Announcement

The business also recently disclosed 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. This represents a $0.96 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is currently 33.22%.

Institutional Investors Weigh In On Bank of America

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Bank of America by 5.9% during 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 position in shares of Bank of America in the 4th quarter valued at about $3,734,407,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.5% in the 4th 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 purchasing an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 3.2% in the 4th 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 purchasing an additional 1,315,056 shares during the period. Finally, Parnassus Investments LLC increased its holdings in shares of Bank of America by 7.8% in the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after purchasing an additional 2,935,040 shares during the period. 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.