Bank of America Corp. (BAC) Sees Unusually-High Trading Volume
Bank of America Corp. (NYSE:BAC) saw an uptick in trading volume on Friday . 70,937,619 shares changed hands during trading, an increase of 0% from the previous session’s volume of 70,711,342 shares.The stock last traded at $15.74 and had previously closed at $15.53.
Several brokerages have issued reports on BAC. Credit Suisse Group AG restated an “outperform” rating and set a $18.00 target price on shares of Bank of America Corp. in a research report on Thursday, July 7th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Bank of America Corp. in a research note on Saturday, July 9th. Sanford C. Bernstein reaffirmed a “buy” rating on shares of Bank of America Corp. in a research note on Monday, June 20th. Zacks Investment Research raised shares of Bank of America Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 5th. Finally, Vetr downgraded shares of Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 price target for the company. in a research note on Tuesday, June 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $24.32.
The company has a market capitalization of $166.05 billion and a PE ratio of 13.24. The firm has a 50-day moving average of $14.59 and a 200-day moving average of $13.88.
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, 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 analyst estimates of $20.41 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. Bank of America Corp.’s revenue was down 7.2% compared to the same quarter last year. Analysts forecast that Bank of America Corp. will post $1.26 earnings per share 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 paid a dividend of $0.075 per share. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, August 31st. This represents a $0.30 annualized dividend and a yield of 1.90%.
In other Bank of America Corp. news, Director Thomas D. Woods acquired 25,000 shares of the stock in a transaction on Tuesday, August 2nd. The shares were bought at an average cost of $14.13 per share, with a total value of $353,250.00. Following the transaction, the director now owns 32,459 shares of the company’s stock, valued at approximately $458,645.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds and institutional investors have modified their holdings of the company. Braver Wealth Management LLC increased its position in shares of Bank of America Corp. by 4.5% in the fourth quarter. Braver Wealth Management LLC now owns 269,167 shares of the financial services provider’s stock valued at $4,530,000 after buying an additional 11,652 shares during the last quarter. State of Tennessee Treasury Department increased its position in shares of Bank of America Corp. by 6.6% in the fourth quarter. State of Tennessee Treasury Department now owns 9,738,232 shares of the financial services provider’s stock valued at $163,894,000 after buying an additional 601,931 shares during the last quarter. Private Capital Management Inc. acquired a new position in shares of Bank of America Corp. during the fourth quarter valued at about $1,079,000. Ashburton Jersey Ltd acquired a new position in shares of Bank of America Corp. during the fourth quarter valued at about $14,918,000. Finally, Brighton Jones LLC increased its position 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.
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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