Shares of Bank of America Co. (NYSE:BAC) dropped 0.7% during mid-day trading on Tuesday . The stock traded as low as $39.54 and last traded at $39.58. Approximately 5,243,896 shares were traded during trading, a decline of 87% from the average daily volume of 39,295,352 shares. The stock had previously closed at $39.87.
A number of research firms have commented on BAC. BMO Capital Markets increased their price objective on shares of Bank of America from $38.00 to $40.00 and gave the company a "market perform" rating in a research note on Thursday, July 18th. Royal Bank of Canada upped their price objective on Bank of America from $39.00 to $46.00 and gave the company an "outperform" rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $48.00 price target (up from $46.00) on shares of Bank of America in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of America from a "hold" rating to a "buy" rating and set a $45.00 price target on the stock in a research report on Tuesday, September 3rd. Finally, Evercore ISI raised their price target on Bank of America from $43.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $42.22.
Check Out Our Latest Research Report on BAC
The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $308.90 billion, a P/E ratio of 13.61, a P/E/G ratio of 1.40 and a beta of 1.33. The business's fifty day moving average price is $39.94 and its 200 day moving average price is $38.94.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $25.38 billion during the quarter, compared to analysts' expectations of $25.22 billion. Bank of America had a return on equity of 10.56% and a net margin of 13.28%. The company's quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.88 EPS. As a group, equities research analysts predict that Bank of America Co. will post 3.28 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 6th will be paid a $0.26 dividend. This is an increase from Bank of America's previous quarterly dividend of $0.24. The ex-dividend date is Friday, September 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America's dividend payout ratio (DPR) is currently 35.99%.
Bank of America declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 24th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its shares are undervalued.
In other news, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the firm's stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the completion of the transaction, the insider now owns 1,020,161,313 shares in the company, valued at approximately $44,958,509,063.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Bank of America news, insider Bernard A. Mensah sold 92,000 shares of Bank of America stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $39.80, for a total transaction of $3,661,600.00. Following the completion of the transaction, the insider now directly owns 96,082 shares of the company's stock, valued at $3,824,063.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc sold 12,690,693 shares of the business's stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $44.07, for a total value of $559,278,840.51. Following the sale, the insider now owns 1,020,161,313 shares of the company's stock, valued at approximately $44,958,509,063.91. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 129,780,724 shares of company stock valued at $5,342,589,705. Corporate insiders own 0.29% of the company's stock.
Several large investors have recently added to or reduced their stakes in BAC. Delos Wealth Advisors LLC boosted its holdings in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 547 shares during the period. Fairway Wealth LLC bought a new position in Bank of America during the 2nd quarter worth $27,000. Livelsberger Financial Advisory acquired a new position in Bank of America in the 4th quarter valued at $28,000. POM Investment Strategies LLC grew its holdings in shares of Bank of America by 839.0% during the 2nd quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider's stock worth $29,000 after purchasing an additional 646 shares in the last quarter. Finally, Bbjs Financial Advisors LLC acquired a new position in Bank of America in the second quarter valued at about $30,000. Institutional investors own 70.71% of the company's stock.
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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