Bank of America Co. (NYSE:BAC) Short Interest Update

Bank of America Co. (NYSE:BAC) saw a large decrease in short interest in November. As of November 30th, there was short interest totalling 74,690,000 shares, a decrease of 8.1% from the November 15th total of 81,280,000 shares. Currently, 1.0% of the company’s stock are short sold. Based on an average daily trading volume, of 35,600,000 shares, the days-to-cover ratio is presently 2.1 days.

Bank of America Price Performance

Bank of America stock traded down $0.42 during mid-day trading on Tuesday, hitting $45.05. 33,046,593 shares of the company were exchanged, compared to its average volume of 38,156,762. Bank of America has a 1-year low of $31.27 and a 1-year high of $48.08. 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 business has a fifty day moving average of $44.50 and a 200 day moving average of $41.56. The company has a market capitalization of $345.66 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.56 and a beta of 1.33.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America will post 3.27 earnings per share for the current year.

Bank of America Announces Dividend

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 2.31%. The ex-dividend date is Friday, December 6th. Bank of America’s dividend payout ratio is 37.82%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Tuesday, September 3rd. Oppenheimer boosted their price target on Bank of America from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Bank of America in a report on Wednesday, October 9th. Finally, Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.92.

Insiders Place Their Bets

In other news, major shareholder Berkshire Hathaway Inc sold 8,694,538 shares of Bank of America stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $42.55, for a total transaction of $369,952,591.90. Following the completion of the sale, the insider now directly owns 766,305,462 shares in the company, valued at $32,606,297,408.10. The trade was a 1.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 51,257,719 shares of company stock worth $2,075,524,660 in the last quarter. 0.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of America

Several hedge funds and other institutional investors have recently made changes to their positions in BAC. Fairway Wealth LLC bought a new position in Bank of America in the second quarter valued at about $27,000. POM Investment Strategies LLC boosted its stake in shares of Bank of America by 839.0% in the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares during the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter worth approximately $29,000. Christopher J. Hasenberg Inc raised its stake in shares of Bank of America by 525.9% during the third quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider’s stock worth $40,000 after buying an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Bank of America in the third quarter valued at approximately $45,000. 70.71% of the stock is owned by institutional investors and hedge funds.

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.