Bank of America Corp. (BAC) Shares Gap Up to $14.48
Bank of America Corp. (NYSE:BAC) shares gapped up before the market opened on Friday . The stock had previously closed at $14.27, but opened at $14.48. Bank of America Corp. shares last traded at $15.02, with a volume of 75,903,713 shares trading hands.
A number of research analysts have issued reports on the stock. Robert W. Baird restated an “outperform” rating on shares of Bank of America Corp. in a research report on Thursday. Vetr upgraded shares of Bank of America Corp. from a “hold” rating to a “buy” rating and set a $14.90 target price on the stock in a research report on Monday. Credit Suisse Group AG restated a “buy” rating and set a $18.00 target price on shares of Bank of America Corp. in a research report on Thursday, July 28th. FBR & Co restated an “outperform” rating and set a $20.00 target price on shares of Bank of America Corp. in a research report on Sunday, July 24th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $15.00 target price on shares of Bank of America Corp. in a research report on Wednesday, July 20th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $17.30.
The company’s 50-day moving average price is $13.76 and its 200-day moving average price is $13.69. The company has a market capitalization of $158.27 billion and a price-to-earnings ratio of 12.62.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.03. The company had revenue of $20.60 million for the quarter, compared to the consensus estimate of $20.41 billion. The company’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 EPS. On average, analysts expect that Bank of America Corp. will post $1.26 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Investors of record on Friday, September 2nd will be issued a dividend of $0.075 per share. The ex-dividend date is Wednesday, August 31st. This represents a $0.30 annualized dividend and a yield of 1.99%. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05.
In related news, Director Thomas D. Woods purchased 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was acquired at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the acquisition, the director now owns 32,459 shares of the company’s stock, valued at approximately $458,645.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
A number of large investors recently made changes to their positions in the company. Cibc World Markets Corp bought a new stake in shares of Bank of America Corp. during the fourth quarter valued at about $69,933,000. Baxter Bros Inc. increased its stake in shares of Bank of America Corp. by 32.4% in the fourth quarter. Baxter Bros Inc. now owns 91,379 shares of the financial services provider’s stock valued at $1,538,000 after buying an additional 22,377 shares during the period. BOKF NA increased its stake in shares of Bank of America Corp. by 1.2% in the fourth quarter. BOKF NA now owns 338,845 shares of the financial services provider’s stock valued at $5,703,000 after buying an additional 3,978 shares during the period. Victory Capital Management Inc. increased its stake in shares of Bank of America Corp. by 4.7% in the fourth quarter. Victory Capital Management Inc. now owns 5,877,987 shares of the financial services provider’s stock valued at $98,927,000 after buying an additional 265,186 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its position in shares of Bank of America Corp. by 4.3% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 1,534,841 shares of the financial services provider’s stock worth $25,831,000 after buying an additional 63,115 shares during the period.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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