Bank of America (NYSE:BAC) Stock Price Up 0% – Should You Buy?

Shares of Bank of America Co. (NYSE:BAC) rose 0% on Monday . The company traded as high as $42.12 and last traded at $41.96. Approximately 6,460,783 shares traded hands during trading, a decline of 83% from the average daily volume of 38,701,148 shares. The stock had previously closed at $41.95.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. Seaport Res Ptn upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 2nd. Piper Sandler Companies raised Bank of America from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research note on Tuesday, July 9th. Oppenheimer lifted their price objective on Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Evercore ISI lifted their price objective on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.62.

Bank of America Stock Up 1.6 %

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 company’s fifty day simple moving average is $39.62 and its 200 day simple moving average is $39.33. The firm has a market capitalization of $334.71 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. During the same period last year, the business earned $0.90 earnings per share. The business’s revenue was up .4% on a year-over-year basis. Analysts anticipate that Bank of America Co. will post 3.25 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America announced that its board has approved a share repurchase program on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of Bank of America stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $40.14, for a total value of $160,649,311.50. Following the completion of the sale, the insider now owns 776,614,511 shares of the company’s stock, valued at approximately $31,173,306,471.54. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total value of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 4,002,225 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $40.14, for a total transaction of $160,649,311.50. Following the completion of the sale, the insider now owns 776,614,511 shares in the company, valued at approximately $31,173,306,471.54. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,230,389 shares of company stock valued at $6,023,064,684. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Bank of America

Several large investors have recently added to or reduced their stakes in the stock. Delos Wealth Advisors LLC lifted its position in Bank of America by 402.2% during the first quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 547 shares during the last quarter. Fairway Wealth LLC acquired a new stake in Bank of America during the second quarter valued at $27,000. POM Investment Strategies LLC grew its position in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after buying an additional 646 shares during the period. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter valued at $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America during the first quarter valued at $33,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

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.