Bank of America (NYSE:BAC) Shares Down 0.1% – Here’s What Happened

Shares of Bank of America Co. (NYSE:BAC) fell 0.1% during mid-day trading on Wednesday . The stock traded as low as $41.64 and last traded at $42.47. 14,514,508 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 38,381,766 shares. The stock had previously closed at $42.53.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BAC. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Cfra restated a “sell” rating and set a $39.00 price target on shares of Bank of America in a report on Tuesday, July 16th. Keefe, Bruyette & Woods upped their price target on Bank of America from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI upped their price target on Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Phillip Securities upgraded Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price target on the stock in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Stock Up 0.3 %

The business has a 50-day simple moving average of $40.50 and a two-hundred day simple moving average of $39.74. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $321.95 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 1.43 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company had revenue of $25.30 billion during the quarter, compared to analysts’ expectations of $25.25 billion. During the same period last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities analysts predict that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.48%. Bank of America’s payout ratio is 37.82%.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the completion of the transaction, the insider now directly owns 937,246,053 shares of the company’s stock, valued at $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Bernard A. Mensah sold 92,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the sale, the insider now owns 96,082 shares in the company, valued at $3,824,063.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Berkshire Hathaway Inc sold 5,183,829 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $39.31, for a total value of $203,776,317.99. Following the sale, the insider now owns 937,246,053 shares in the company, valued at $36,843,142,343.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,078,718 shares of company stock valued at $4,548,920,425 in the last ninety days. Corporate insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Delos Wealth Advisors LLC lifted its stake in shares of 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 worth $26,000 after purchasing an additional 547 shares in the last quarter. Fairway Wealth LLC acquired a new position in shares of Bank of America during the second quarter worth about $27,000. POM Investment Strategies LLC lifted its stake in shares of 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 worth $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth about $30,000. Finally, Clearstead Trust LLC increased its position in shares of Bank of America by 1,489.3% during the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares during the last quarter. Institutional investors and hedge funds 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.