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

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $37.00 to $46.00 in a report on Friday, June 14th. JPMorgan Chase & Co. upped their target price 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. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research note on Friday, April 19th. Piper Sandler lifted their target price on Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Finally, Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $39.79.

Bank of America Stock Down 2.2 %

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

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

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend 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 modified their holdings of BAC. Keynote Financial Services LLC acquired a new stake in Bank of America in the first quarter worth about $944,000. American Trust boosted its holdings in shares of Bank of America by 38.5% in the first quarter. American Trust now owns 10,059 shares of the financial services provider’s stock valued at $381,000 after acquiring an additional 2,798 shares in the last quarter. Clear Rock Advisors LLC increased its stake in shares of Bank of America by 1.8% during the first quarter. Clear Rock Advisors LLC now owns 81,998 shares of the financial services provider’s stock valued at $3,109,000 after acquiring an additional 1,425 shares during the period. Peninsula Wealth LLC acquired a new stake in shares of Bank of America in the first quarter valued at $377,000. Finally, Pathway Financial Advisers LLC bought a new stake in Bank of America in the first quarter worth about $1,148,000. 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.