Traders Sell Shares of Bank of America Corp. (BAC) on Strength (BAC)
Traders sold shares of Bank of America Corp. (NYSE:BAC) on strength during trading on Wednesday. $151.38 million flowed into the stock on the tick-up and $177.29 million flowed out of the stock on the tick-down, for a money net flow of $25.91 million out of the stock. Of all equities tracked, Bank of America Corp. had the 16th highest net out-flow for the day. Bank of America Corp. traded up $0.05 for the day and closed at $15.40
A number of research analysts have recently weighed in on the company. Deutsche Bank AG restated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, June 4th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, July 9th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, July 9th. Jefferies Group reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Sunday, July 10th. Finally, Vetr raised Bank of America Corp. from a “hold” rating to a “buy” rating and set a $14.90 price target for the company in a research report on Monday, August 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-two have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $17.30.
The stock’s 50-day moving average price is $14.44 and its 200 day moving average price is $13.85. The firm has a market cap of $161.95 billion and a P/E ratio of 12.91.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.03. During the same period in the previous year, the business posted $0.45 EPS. The business earned $20.60 million during the quarter, compared to the consensus estimate of $20.41 billion. The firm’s revenue was down 7.2% on a year-over-year basis. Analysts forecast that Bank of America Corp. will post $1.26 earnings per share for the current year.
The firm 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 $0.075 dividend. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, August 31st.
In other news, Director Thomas D. Woods acquired 25,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was acquired at an average price of $14.13 per share, with a total value of $353,250.00. Following the completion of the purchase, the director now directly owns 32,459 shares in the company, valued at $458,645.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Other hedge funds have recently made changes to their positions in the company. Parsons Capital Management Inc. RI increased its stake in shares of Bank of America Corp. by 8.7% in the fourth quarter. Parsons Capital Management Inc. RI now owns 59,757 shares of the financial services provider’s stock valued at $1,006,000 after buying an additional 4,800 shares during the last quarter. Brighton Jones LLC increased its stake in shares of Bank of America Corp. by 11.2% in the fourth quarter. Brighton Jones LLC now owns 63,794 shares of the financial services provider’s stock valued at $1,074,000 after buying an additional 6,412 shares during the last quarter. Private Capital Management Inc. purchased a new stake in shares of Bank of America Corp. during the fourth quarter valued at about $1,079,000. Advisors Asset Management Inc. increased its stake in shares of Bank of America Corp. by 8.6% in the fourth quarter. Advisors Asset Management Inc. now owns 74,452 shares of the financial services provider’s stock valued at $1,253,000 after buying an additional 5,922 shares during the last quarter. Finally, FSI Group LLC purchased a new stake in shares of Bank of America Corp. during the fourth quarter valued at about $2,020,000.
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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