Investors Sell Shares of Bank of America Corp. (BAC) on Strength (BAC)
Investors sold shares of Bank of America Corp. (NYSE:BAC) on strength during trading on Friday. $299.71 million flowed into the stock on the tick-up and $347.91 million flowed out of the stock on the tick-down, for a money net flow of $48.20 million out of the stock. Of all stocks tracked, Bank of America Corp. had the 0th highest net out-flow for the day. Bank of America Corp. traded up $0.26 for the day and closed at $15.79
A number of equities analysts recently issued reports on BAC shares. Vetr raised shares of Bank of America Corp. from a “buy” rating to a “strong-buy” rating and set a $15.84 target price on the stock in a research report on Wednesday, May 4th. TheStreet raised shares of Bank of America Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, May 10th. Keefe, Bruyette & Woods lowered shares of Bank of America Corp. from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $17.00 to $16.00 in a research report on Monday, May 16th. Raymond James Financial Inc. reaffirmed an “outperform” rating on shares of Bank of America Corp. in a research report on Friday, June 3rd. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, June 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $24.32.
The firm has a market capitalization of $166.05 billion and a price-to-earnings ratio of 13.24. The stock has a 50 day moving average price of $14.59 and a 200-day moving average price of $13.88.
Bank of America Corp. (NYSE:BAC) last released its earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.03. The business earned $20.60 million during the quarter, compared to the consensus estimate of $20.41 billion. The business’s revenue was down 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 EPS. Equities analysts anticipate that Bank of America Corp. will post $1.26 earnings per share for the current 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 represents a $0.30 dividend on an annualized basis and a dividend yield of 1.90%. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, August 31st.
In other news, Director Thomas D. Woods purchased 25,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were purchased at an average cost of $14.13 per share, with a total value of $353,250.00. Following the completion of the purchase, the director now owns 32,459 shares of the company’s stock, valued at approximately $458,645.67. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Other institutional investors recently bought and sold shares of the company. Private Capital Management Inc. bought a new position in Bank of America Corp. during the fourth quarter worth approximately $1,079,000. Advisors Asset Management Inc. raised its position in 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 worth $1,253,000 after buying an additional 5,922 shares in the last quarter. Oarsman Capital Inc. raised its position in 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. Frontier Investment Mgmt Co. raised its position in Bank of America Corp. by 3.9% in the fourth quarter. Frontier Investment Mgmt Co. now owns 159,655 shares of the financial services provider’s stock worth $2,687,000 after buying an additional 5,931 shares in the last quarter. Finally, Gluskin Sheff & Assoc Inc. raised its position in 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 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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