Investors 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 Tuesday. $150.85 million flowed into the stock on the tick-up and $198.37 million flowed out of the stock on the tick-down, for a money net flow of $47.52 million out of the stock. Of all companies tracked, Bank of America Corp. had the 0th highest net out-flow for the day. Bank of America Corp. traded up $0.17 for the day and closed at $15.35
A number of analysts have weighed in on the company. Vetr lowered Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $15.78 target price for the company. in a report on Monday, May 9th. FBR & Co restated an “outperform” rating and set a $20.00 target price on shares of Bank of America Corp. in a report on Sunday, July 24th. Jefferies Group restated a “buy” rating and set a $16.50 target price (up previously from $16.00) on shares of Bank of America Corp. in a report on Tuesday, July 19th. Barclays PLC restated an “equal weight” rating and set a $19.00 target price on shares of Bank of America Corp. in a report on Sunday, July 10th. Finally, Citigroup Inc. upped their target price on Bank of America Corp. from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. 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’s stock. The company has a consensus rating of “Buy” and a consensus price target of $17.30.
The firm has a market cap of $161.43 billion and a price-to-earnings ratio of 12.87. The firm has a 50-day moving average price of $14.36 and a 200-day moving average price of $13.84.
Bank of America Corp. (NYSE:BAC) last announced its earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. During the same period in the previous year, the company posted $0.45 earnings per share. The business earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. Bank of America Corp.’s quarterly revenue was down 7.2% on a year-over-year basis. On average, equities research analysts predict that Bank of America Corp. will post $1.26 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be paid a dividend of $0.075 per share. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.95%.
In other news, Director Thomas D. Woods purchased 25,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were acquired at an average cost of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the purchase, the director now directly owns 32,459 shares in the company, valued at approximately $458,645.67. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
Several hedge funds and institutional investors have recently modified their holdings of the company. Ashburton Jersey Ltd purchased a new position in shares of Bank of America Corp. during the fourth quarter worth about $14,918,000. Affinity Investment Advisors LLC raised its position in shares of Bank of America Corp. by 1.0% in the fourth quarter. Affinity Investment Advisors LLC now owns 1,377,155 shares of the financial services provider’s stock worth $23,178,000 after buying an additional 13,040 shares during the period. Gluskin Sheff & Assoc Inc. raised its position in shares of Bank of America Corp. by 103.3% in the fourth quarter. Gluskin Sheff & Assoc Inc. now owns 224,404 shares of the financial services provider’s stock worth $3,777,000 after buying an additional 114,050 shares during the period. Dimensional Fund Advisors LP raised its position in shares of 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 worth $816,367,000 after buying an additional 281,039 shares during the period. Finally, Stephens Inc. AR raised its position in shares of Bank of America Corp. by 4.2% in the fourth quarter. Stephens Inc. AR now owns 667,399 shares of the financial services provider’s stock worth $11,232,000 after buying an additional 26,856 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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