Bank of America (NYSE:BAC) Sets New 12-Month High at $38.50

Bank of America Co. (NYSE:BAC)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.50 and last traded at $38.27, with a volume of 8992730 shares traded. The stock had previously closed at $38.37.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BAC shares. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company boosted their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. UBS Group reissued a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Oppenheimer reduced their target price on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned 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 an average price target of $38.53.

Bank of America Trading Down 0.1 %

The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market capitalization of $302.37 billion, a P/E ratio of 13.26, a P/E/G ratio of 1.70 and a beta of 1.39. The business has a 50-day moving average price of $35.88 and a two-hundred day moving average price of $32.57.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share. On average, analysts expect that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Schechter Investment Advisors LLC boosted its holdings in shares of Bank of America by 8.2% in the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC boosted its position in Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC raised its position in Bank of America by 228.3% during 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 purchasing an additional 46,950 shares during the last quarter. Sarasin & Partners LLP bought a new position in shares of Bank of America during the fourth quarter valued at approximately $673,000. Finally, Pinnacle Associates Ltd. boosted its holdings in Bank of America by 30.0% in the third quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after acquiring an additional 225,767 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

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.