Bank of America (NYSE:BAC) Trading Down 3.6% – What’s Next?

Bank of America Co. (NYSE:BAC)’s share price dropped 3.6% on Thursday . The company traded as low as $35.21 and last traded at $35.81. Approximately 21,074,237 shares traded hands during trading, a decline of 46% from the average daily volume of 38,861,193 shares. The stock had previously closed at $37.15.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BAC shares. Oppenheimer lifted their price target on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Piper Sandler decreased their price objective on Bank of America from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Friday, January 17th. Evercore ISI dropped their price target on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Truist Financial reduced their target price on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Finally, Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $48.31.

Bank of America Price Performance

The company has a 50-day moving average price of $42.25 and a 200-day moving average price of $43.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $273.20 billion, a price-to-earnings ratio of 11.16, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $25.12 billion. During the same quarter in the prior year, the company earned $0.70 EPS. The company’s revenue was up 15.0% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.7 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 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.89%. The ex-dividend date was Friday, March 7th. Bank of America’s payout ratio is presently 32.30%.

Institutional Investors Weigh In On Bank of America

A number of large investors have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of 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 worth $611,692,000 after purchasing an additional 569,385 shares in the last quarter. Morse Asset Management Inc acquired a new position in Bank of America during the third quarter worth $306,000. SkyView Investment Advisors LLC lifted its stake in shares of Bank of America by 4.3% in the third quarter. SkyView Investment Advisors LLC now owns 15,602 shares of the financial services provider’s stock valued at $619,000 after buying an additional 645 shares in the last quarter. Tudor Financial Inc. acquired a new position in shares of Bank of America during the third quarter valued at about $645,000. Finally, Eaton Financial Holdings Company LLC purchased a new stake in shares of Bank of America in the third quarter worth approximately $488,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

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.