Bank of America (NYSE:BAC) Shares Up 1.9% – Time to Buy?

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Truist Financial decreased 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 report on Friday, April 4th. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Citigroup decreased their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Finally, Evercore ISI dropped their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Trading Up 6.5 %

The firm has a fifty day moving average of $42.68 and a two-hundred day moving average of $43.74. The company has a market cap of $283.75 billion, a PE ratio of 11.59, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a current ratio of 0.78, a quick 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 the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.70 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced 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. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.79%. Bank of America’s dividend payout ratio is currently 32.30%.

Institutional Trading of Bank of America

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Planned Solutions Inc. grew its holdings in Bank of America by 30.2% during the 1st quarter. Planned Solutions Inc. now owns 10,022 shares of the financial services provider’s stock valued at $418,000 after buying an additional 2,324 shares in the last quarter. Bourgeon Capital Management LLC boosted its position in shares of Bank of America by 2.6% in the first quarter. Bourgeon Capital Management LLC now owns 286,534 shares of the financial services provider’s stock valued at $11,957,000 after acquiring an additional 7,258 shares during the period. Sentry Investment Management LLC grew its stake in Bank of America by 31.7% during the first quarter. Sentry Investment Management LLC now owns 21,142 shares of the financial services provider’s stock valued at $882,000 after acquiring an additional 5,094 shares in the last quarter. Capital Asset Advisory Services LLC lifted its stake in Bank of America by 4.4% in the 1st quarter. Capital Asset Advisory Services LLC now owns 93,662 shares of the financial services provider’s stock worth $3,920,000 after purchasing an additional 3,957 shares in the last quarter. Finally, Merit Financial Group LLC lifted its stake in Bank of America by 27.4% in the 1st quarter. Merit Financial Group LLC now owns 172,511 shares of the financial services provider’s stock worth $7,199,000 after purchasing an additional 37,126 shares in 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.