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.
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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.
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