Bank of America (NYSE:BAC) Stock Price Up 1.9% – Here’s Why

Bank of America Co. (NYSE:BAC)’s stock price rose 1.9% during mid-day trading on Monday . The stock traded as high as $36.63 and last traded at $35.04. Approximately 43,476,973 shares traded hands during trading, an increase of 15% from the average daily volume of 37,849,039 shares. The stock had previously closed at $34.39.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Morgan Stanley lifted their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Friday, January 17th. Hsbc Global Res upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Truist Financial lowered their target price on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.31.

Bank of America Price Performance

The company has a market cap of $270.47 billion, a PE ratio of 11.05, a PEG ratio of 1.21 and a beta of 1.24. The firm’s 50-day moving average is $43.51 and its 200-day moving average is $43.90. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. During the same quarter in the prior year, the business earned $0.70 EPS. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.92%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its position in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after buying an additional 569,385 shares in the last quarter. Morse Asset Management Inc bought a new position in shares of Bank of America during the third quarter valued at $306,000. Orion Portfolio Solutions LLC raised its position in shares of Bank of America by 6.5% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 216,245 shares of the financial services provider’s stock worth $8,581,000 after purchasing an additional 13,292 shares during the last quarter. Anson Funds Management LP bought a new position in Bank of America in the 3rd quarter worth about $2,282,000. Finally, Pacific Center for Financial Services grew its position in Bank of America by 16.1% during the 3rd quarter. Pacific Center for Financial Services now owns 5,680 shares of the financial services provider’s stock valued at $225,000 after purchasing an additional 786 shares during the last quarter. 70.71% of the stock is currently 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.