Bank of America (NYSE:BAC) Shares Down 1.2%

Bank of America Co. (NYSE:BAC)’s stock price traded down 1.2% on Wednesday . The company traded as low as $38.88 and last traded at $38.90. 11,202,623 shares traded hands during trading, a decline of 71% from the average session volume of 38,666,504 shares. The stock had previously closed at $39.38.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. HSBC reaffirmed a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. BMO Capital Markets lifted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, 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 research note on Tuesday, June 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America Stock Down 2.2 %

The firm has a market cap of $301.16 billion, a P/E ratio of 13.37, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36. The company’s 50-day simple moving average is $38.71 and its 200 day simple moving average is $35.95. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

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 company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.94 earnings per share. Research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. Bank of America’s dividend payout ratio is presently 33.22%.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Bank of America during the 4th quarter valued at about $3,734,407,000. Vanguard Group Inc. raised its holdings in shares of Bank of America by 5.9% in the first 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. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Bank of America by 360.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after acquiring an additional 29,198,846 shares during the last quarter. Alphinity Investment Management Pty Ltd lifted its stake in shares of Bank of America by 1,071.8% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after acquiring an additional 12,880,492 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Bank of America by 10.5% during 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 acquiring an additional 9,879,524 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.