Bank of America (NYSE:BAC) Trading 1.7% Higher – Here’s Why

by · The Cerbat Gem

Shares of Bank of America Corporation (NYSE:BAC) traded up 1.7% during trading on Wednesday . The stock traded as high as $54.24 and last traded at $54.0690. 36,308,131 shares were traded during trading, a decline of 9% from the average session volume of 40,091,848 shares. The stock had previously closed at $53.19.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. UBS Group upped their price objective on shares of Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of America in a report on Thursday, October 30th. Piper Sandler increased their price target on Bank of America from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Wells Fargo & Company boosted their price objective on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Bank of America in a research note on Thursday, November 6th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target of $57.77.

View Our Latest Stock Analysis on BAC

Bank of America Price Performance

The stock’s 50-day moving average price is $51.95 and its 200 day moving average price is $48.95. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $394.84 billion, a price-to-earnings ratio of 14.73 and a beta of 1.30.

Bank of America (NYSE:BAC – Get Free Report) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. The business had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.81 EPS. Equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is 30.52%.

Institutional Investors Weigh In On Bank of America

A number of institutional investors have recently modified their holdings of the company. Wiser Advisor Group LLC acquired a new position in Bank of America in the 3rd quarter valued at about $27,000. Quaker Wealth Management LLC boosted its stake in shares of Bank of America by 246.5% in the second quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 880 shares during the period. Nova Wealth Management Inc. grew its holdings in shares of Bank of America by 75.2% in the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares in the last quarter. Steph & Co. grew its holdings in shares of Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 379 shares in the last quarter. Finally, Collier Financial purchased a new stake in Bank of America during the 3rd quarter worth approximately $30,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Company Profile

(Get Free Report)

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.

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