Investors Sell Shares of Bank of America Corp. (BAC) on Strength (BAC)
Traders sold shares of Bank of America Corp. (NYSE:BAC) on strength during trading on Wednesday. $245.54 million flowed into the stock on the tick-up and $344.78 million flowed out of the stock on the tick-down, for a money net flow of $99.24 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 $0.35 for the day and closed at $16.19
A number of brokerages have recently issued reports on BAC. Deutsche Bank AG reiterated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, June 4th. Wells Fargo & Co. reiterated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, July 9th. Royal Bank Of Canada reiterated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, July 9th. Jefferies Group reiterated a “buy” rating on shares of Bank of America Corp. in a report on Sunday, July 10th. Finally, S&P Equity Research reiterated a “buy” rating and set a $18.00 target price on shares of Bank of America Corp. in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $24.39.
The stock has a market capitalization of $169.74 billion and a price-to-earnings ratio of 13.53. The firm’s 50-day moving average is $14.82 and its 200 day moving average is $13.99.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.03. The firm earned $20.60 million during the quarter, compared to the consensus estimate of $20.41 billion. During the same quarter in the prior year, the business posted $0.45 EPS. Bank of America Corp.’s revenue was down 7.2% compared to the same quarter last year. Equities analysts forecast that Bank of America Corp. will post $1.26 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Investors of record on Friday, September 2nd will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $0.30 annualized dividend and a dividend yield of 1.86%. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05.
In related news, Director Thomas D. Woods bought 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was acquired at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the transaction, the director now directly owns 32,459 shares of the company’s stock, valued at $458,645.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Several institutional investors recently bought and sold shares of BAC. AJO LP increased its position in Bank of America Corp. by 1.2% in the fourth quarter. AJO LP now owns 31,975,580 shares of the financial services provider’s stock valued at $538,149,000 after buying an additional 368,745 shares during the period. Schwab Charles Investment Management Inc. increased its position in Bank of America Corp. by 5.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 29,935,015 shares of the financial services provider’s stock valued at $503,807,000 after buying an additional 1,444,139 shares during the period. King Luther Capital Management Corp increased its position in Bank of America Corp. by 7.8% in the fourth quarter. King Luther Capital Management Corp now owns 1,971,771 shares of the financial services provider’s stock valued at $33,185,000 after buying an additional 142,617 shares during the period. Braver Wealth Management LLC increased its position 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 period. Finally, Private Capital Management Inc. bought a new position in Bank of America Corp. during the fourth quarter valued at approximately $1,079,000.
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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