Investors Sell Shares of Bank of America Corporation (BAC) on Strength (BAC)

Investors sold shares of Bank of America Corporation (NYSE:BAC) on strength during trading hours on Friday. $218.84 million flowed into the stock on the tick-up and $320.37 million flowed out of the stock on the tick-down, for a money net flow of $101.53 million out of the stock. Of all companies tracked, Bank of America Corporation had the 0th highest net out-flow for the day. Bank of America Corporation traded up $0.02 for the day and closed at $26.51

Several equities research analysts recently issued reports on BAC shares. Robert W. Baird reissued a “hold” rating and issued a $24.00 target price on shares of Bank of America Corporation in a report on Friday, August 25th. UBS AG set a $27.00 target price on shares of Bank of America Corporation and gave the stock a “hold” rating in a report on Monday, October 16th. Vetr raised shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 target price for the company in a report on Wednesday, September 6th. Credit Suisse Group reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, October 10th. Finally, Nomura increased their target price on shares of Bank of America Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and three have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of C$25.82.

The stock has a market capitalization of $276,515.47, a price-to-earnings ratio of 15.15, a PEG ratio of 1.84 and a beta of 1.31. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The bank reported C$0.48 EPS for the quarter, beating the Zacks’ consensus estimate of C$0.46 by C$0.02. The business had revenue of C$22.08 billion during the quarter, compared to analysts’ expectations of C$22.07 billion. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. equities research analysts anticipate that Bank of America Corporation will post 1.8 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio (DPR) is presently 27.43%.

Institutional investors and hedge funds have recently modified their holdings of the stock. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Bank of America Corporation during the second quarter worth approximately $1,017,000. Northwest Investment Counselors LLC purchased a new stake in Bank of America Corporation in the 2nd quarter valued at $100,000. Armbruster Capital Management Inc. grew its holdings in Bank of America Corporation by 10.8% in the 1st quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the bank’s stock valued at $102,000 after buying an additional 423 shares in the last quarter. Burt Wealth Advisors grew its holdings in Bank of America Corporation by 4,013.1% in the 3rd quarter. Burt Wealth Advisors now owns 4,401 shares of the bank’s stock valued at $112,000 after buying an additional 4,294 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its holdings in Bank of America Corporation by 11.0% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the bank’s stock valued at $103,000 after buying an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 62.34% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This story was published by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are viewing this story on another domain, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this story can be accessed at https://www.chaffeybreeze.com/2017/11/12/investors-sell-shares-of-bank-of-america-corporation-bac-on-strength-bac.html.

About Bank of America Corporation

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

Receive News & Ratings for Bank of America Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply