Bank of America (NYSE:BAC) Trading Down 1.9% – What’s Next?

Bank of America Co. (NYSE:BAC) dropped 1.9% during trading on Monday . The company traded as low as $36.70 and last traded at $36.68. Approximately 8,728,511 shares were traded during trading, a decline of 81% from the average daily volume of 45,592,035 shares. The stock had previously closed at $37.41.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Barclays decreased their price objective on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Morgan Stanley increased their target price on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.43.

Bank of America Stock Performance

The company has a 50 day moving average of $41.27 and a two-hundred day moving average of $43.65. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $277.65 billion, a PE ratio of 11.34, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.85%. Bank of America’s payout ratio is currently 30.95%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock valued at $611,692,000 after acquiring an additional 569,385 shares in the last quarter. Morse Asset Management Inc bought a new stake in shares of Bank of America in the 3rd quarter worth $306,000. SkyView Investment Advisors LLC raised 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 worth $619,000 after purchasing an additional 645 shares during the last quarter. Tudor Financial Inc. purchased a new stake in shares of Bank of America during the third quarter valued at $645,000. Finally, Eaton Financial Holdings Company LLC bought a new stake in Bank of America in the 3rd quarter worth about $488,000. Hedge funds and other institutional investors 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.