Investors sold shares of Bank of America Corporation (NYSE:BAC) on strength during trading hours on Friday. $359.61 million flowed into the stock on the tick-up and $700.45 million flowed out of the stock on the tick-down, for a money net flow of $340.84 million out of the stock. Of all companies tracked, Bank of America Corporation had the 0th highest net out-flow for the day. Bank of America Corporation traded up $0.14 for the day and closed at $24.38
BAC has been the topic of a number of research reports. BidaskClub upgraded shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. CIBC reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 11th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, July 4th. Vetr downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective on the stock. in a research report on Wednesday, June 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Bank of America Corporation in a research report on Friday, August 11th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $24.41.
The company has a market capitalization of $256.39 billion, a PE ratio of 14.52 and a beta of 1.26. The company’s 50 day moving average is $24.00 and its 200 day moving average is $23.82.
Bank of America Corporation (NYSE:BAC) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. The firm had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. Bank of America Corporation’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 EPS. On average, equities analysts forecast that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is currently 28.57%.
Bank of America Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the sale, the director now directly owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.18% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Tarbox Family Office Inc. lifted its holdings in Bank of America Corporation by 0.4% in the 2nd quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock valued at $117,000 after acquiring an additional 21 shares during the last quarter. Capital Management Corp VA lifted its holdings in Bank of America Corporation by 0.3% in the 1st quarter. Capital Management Corp VA now owns 10,352 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 33 shares during the last quarter. Welch Group LLC lifted its holdings in Bank of America Corporation by 0.4% in the 1st quarter. Welch Group LLC now owns 10,035 shares of the financial services provider’s stock valued at $237,000 after acquiring an additional 42 shares during the last quarter. Gateway Advisory LLC lifted its holdings in Bank of America Corporation by 0.4% in the 2nd quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 45 shares during the last quarter. Finally, Arbor Investment Advisors LLC lifted its holdings in Bank of America Corporation by 0.3% in the 2nd quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 46 shares during the last quarter. 61.66% of the stock is owned by institutional investors.
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About Bank of America Corporation
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.
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