Traders Sell Bank of America Corp. (BAC) on Strength (BAC)
Traders sold shares of Bank of America Corp. (NYSE:BAC) on strength during trading hours on Friday. $256.91 million flowed into the stock on the tick-up and $286.13 million flowed out of the stock on the tick-down, for a money net flow of $29.22 million out of the stock. Of all equities tracked, Bank of America Corp. had the 0th highest net out-flow for the day. Bank of America Corp. traded up $0.02 for the day and closed at $16.00
Several equities analysts have weighed in on BAC shares. Robert W. Baird raised Bank of America Corp. from a “neutral” rating to an “outperform” rating in a report on Thursday, August 25th. Vetr raised Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 price objective for the company in a report on Monday, August 29th. Goldman Sachs Group Inc. reaffirmed a “conviction-buy” rating and issued a $17.00 price objective on shares of Bank of America Corp. in a report on Friday, August 26th. Macquarie raised Bank of America Corp. from an “underperform” rating to a “neutral” rating in a report on Thursday, August 25th. Finally, Sanford C. Bernstein raised Bank of America Corp. from a “neutral” rating to an “outperform” rating and set a $19.00 price objective for the company in a report on Thursday, August 25th. One investment 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 currently has an average rating of “Buy” and an average target price of $24.39.
The company has a 50 day moving average of $14.92 and a 200 day moving average of $14.01. The company has a market capitalization of $168.26 billion and a PE ratio of 13.41.
Bank of America Corp. (NYSE:BAC) last released its quarterly earnings data 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. During the same quarter in the prior year, the firm posted $0.45 EPS. The company earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. The firm’s quarterly revenue was down 7.2% on a year-over-year basis. On average, analysts predict that Bank of America Corp. will post $1.26 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.30 annualized dividend and a dividend yield of 1.88%. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05.
In related news, Director Thomas D. Woods acquired 25,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were purchased 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 in the company, valued at $458,645.67. The purchase was disclosed in a filing with the SEC, which is available at this link.
Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Greenwood Capital Associates LLC increased its position in 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 valued at $5,149,000 after buying an additional 1,942 shares in the last quarter. Braver Wealth Management LLC boosted its stake in 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. Baird Financial Group Inc. boosted its stake in Bank of America Corp. by 8.0% in the fourth quarter. Baird Financial Group Inc. now owns 705,002 shares of the financial services provider’s stock valued at $11,865,000 after buying an additional 52,032 shares during the last quarter. Private Capital Management Inc. acquired a new stake in Bank of America Corp. during the fourth quarter valued at about $1,079,000. Finally, Dimensional Fund Advisors LP boosted its stake in Bank of America Corp. by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 48,502,101 shares of the financial services provider’s stock valued at $816,367,000 after buying an additional 281,039 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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