Bank of America (NYSE:BAC) Trading Up 0%

Bank of America Co. (NYSE:BAC)’s share price traded up 0% during trading on Wednesday . The stock traded as high as $41.55 and last traded at $41.44. 4,730,545 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 38,176,180 shares. The stock had previously closed at $41.42.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Piper Sandler Companies upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Piper Sandler upgraded Bank of America from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $37.00 to $42.00 in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.41.

Bank of America Stock Performance

The stock has a market cap of $324.78 billion, a P/E ratio of 14.35, a PEG ratio of 1.55 and a beta of 1.35. The business has a 50 day moving average price of $39.32 and a 200 day moving average price of $36.48. 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 earnings results 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 firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. 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 posted $0.94 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were issued a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s payout ratio is 33.22%.

Institutional Trading of Bank of America

A number of large investors have recently modified their holdings of the company. Ethos Financial Group LLC lifted its holdings in Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after buying an additional 492 shares during the period. Auxano Advisors LLC increased its position in shares of Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after acquiring an additional 19,179 shares during the period. Kingswood Wealth Advisors LLC increased its position in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after acquiring an additional 46,950 shares during the period. DiNuzzo Private Wealth Inc. acquired a new stake in Bank of America during the 4th quarter worth about $105,000. Finally, Concord Wealth Partners grew its position in Bank of America by 10.2% during the 4th quarter. Concord Wealth Partners now owns 55,259 shares of the financial services provider’s stock worth $1,861,000 after purchasing an additional 5,103 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

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.