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 Monday. $256.70 million flowed into the stock on the tick-up and $309.05 million flowed out of the stock on the tick-down, for a money net flow of $52.35 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 $0.05 for the day and closed at $15.84
Several analysts have commented on BAC shares. Robert W. Baird upgraded shares of Bank of America Corp. from a “neutral” rating to an “outperform” rating in a report on Thursday, August 25th. Goldman Sachs Group Inc. reiterated a “conviction-buy” rating and set a $17.00 target price on shares of Bank of America Corp. in a report on Friday. Macquarie upgraded shares of Bank of America Corp. from an “underperform” rating to a “neutral” rating in a report on Thursday, August 25th. Vetr lowered shares of 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. Finally, Sanford C. Bernstein upgraded shares of Bank of America Corp. from a “neutral” rating to an “outperform” rating and set a $19.00 target price for the company in a report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Bank of America Corp. has a consensus rating of “Buy” and a consensus price target of $24.39.
The stock’s 50 day moving average is $14.66 and its 200 day moving average is $13.94. The firm has a market cap of $166.58 billion and a PE ratio of 13.28.
Bank of America Corp. (NYSE:BAC) last released its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.03. The business earned $20.60 million during the quarter, compared to analyst estimates of $20.41 billion. During the same quarter in the previous year, the company earned $0.45 EPS. The firm’s revenue was down 7.2% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Corp. will post $1.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be paid a $0.075 dividend. This is a boost 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 dividend on an annualized basis and a dividend yield of 1.89%.
In other news, Director Thomas D. Woods purchased 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were bought at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the transaction, the director now owns 32,459 shares in the company, valued at $458,645.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Other hedge funds have recently added to or reduced their stakes in the company. Private Capital Management Inc. purchased a new stake in Bank of America Corp. during the fourth quarter valued at approximately $1,079,000. Oarsman Capital Inc. raised its stake 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 valued at $2,392,000 after buying an additional 459 shares in the last quarter. Frontier Investment Mgmt Co. raised its stake 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 valued at $2,687,000 after buying an additional 5,931 shares in the last quarter. Braver Wealth Management LLC raised 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 in the last quarter. Finally, Summit Securities Group LLC raised its stake in 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 valued at $4,956,000 after buying an additional 263,500 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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