Shares of Bank of America Corp. (NYSE:BAC) shot up 2.2% on Tuesday . The company traded as high as $16.23 and last traded at $16.19, with a volume of 117,520,793 shares trading hands. The stock had previously closed at $15.84.

A number of brokerages recently weighed in on BAC. Vetr upgraded shares of Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 price target on the stock in a research report on Monday. Goldman Sachs Group Inc. reissued a “conviction-buy” rating and set a $17.00 target price on shares of Bank of America Corp. in a research note on Friday, August 26th. Robert W. Baird raised Bank of America Corp. from a “neutral” rating to an “outperform” rating in a research note on Thursday, August 25th. Macquarie raised Bank of America Corp. from an “underperform” rating to a “neutral” rating in a research note on Thursday, August 25th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $175.00 target price on shares of Bank of America Corp. in a research note on Thursday, August 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.39.

The stock’s 50-day moving average price is $14.74 and its 200-day moving average price is $13.98. The firm has a market cap of $170.26 billion and a PE ratio of 13.57.

Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The business earned $20.60 million during the quarter, compared to the consensus estimate of $20.41 billion. During the same quarter last year, the company earned $0.45 EPS. The firm’s revenue for the quarter was down 7.2% compared to the same quarter last year. On average, equities analysts forecast that Bank of America Corp. will post $1.26 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 2nd will be paid a $0.075 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a yield of 1.85%. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05.

In other Bank of America Corp. news, Director Thomas D. Woods acquired 25,000 shares of Bank of America Corp. stock in a transaction on Tuesday, August 2nd. The stock was purchased at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the purchase, the director now directly owns 32,459 shares of the company’s stock, valued at $458,645.67. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Other hedge funds and institutional investors have made changes to their positions in the company. Private Capital Management Inc. acquired a new position in shares of Bank of America Corp. during the fourth quarter worth about $1,079,000. Oarsman Capital Inc. boosted its position in shares of Bank of America Corp. by 0.3% in the fourth quarter. Oarsman Capital Inc. now owns 142,126 shares of the financial services provider’s stock worth $2,392,000 after buying an additional 459 shares in the last quarter. Braver Wealth Management LLC boosted 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 worth $4,530,000 after buying an additional 11,652 shares in the last quarter. Summit Securities Group LLC boosted its position in shares of Bank of America Corp. by 850.0% in the fourth quarter. Summit Securities Group LLC now owns 294,500 shares of the financial services provider’s stock worth $4,956,000 after buying an additional 263,500 shares in the last quarter. Finally, Greenwood Capital Associates LLC boosted its position in shares of Bank of America Corp. by 0.6% in the fourth quarter. Greenwood Capital Associates LLC now owns 305,929 shares of the financial services provider’s stock worth $5,149,000 after buying an additional 1,942 shares in 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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