Bank of America Corp. (BAC) Sees Unusually-High Trading Volume
Bank of America Corp. (NYSE:BAC) shares saw strong trading volume on Thursday . 78,421,975 shares changed hands during trading, a decline of 4% from the previous session’s volume of 81,783,267 shares.The stock last traded at $15.91 and had previously closed at $16.14.
Several equities analysts have commented on the company. Deutsche Bank AG reiterated a “buy” rating on shares of Bank of America Corp. in a report on Saturday, June 4th. Wells Fargo & Co. restated a “buy” rating on shares of Bank of America Corp. in a research note on Saturday, July 9th. Royal Bank Of Canada restated a “buy” rating on shares of Bank of America Corp. in a research note on Saturday, July 9th. Jefferies Group restated a “buy” rating on shares of Bank of America Corp. in a research note on Sunday, July 10th. Finally, Vetr downgraded shares of Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 price objective on the stock. in a research note on Tuesday, June 28th. One 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 given a strong buy rating to the company’s stock. Bank of America Corp. has a consensus rating of “Buy” and an average price target of $24.39.
The company has a market capitalization of $168.26 billion and a P/E ratio of 13.41. The stock has a 50-day moving average of $14.92 and a 200-day moving average of $14.01.
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, topping the consensus estimate of $0.33 by $0.03. During the same period last year, the company posted $0.45 earnings per share. The company had revenue of $20.60 million for the quarter, compared to analyst estimates of $20.41 billion. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. Equities research analysts predict that Bank of America Corp. will post $1.26 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.88%. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, August 31st.
In related news, Director Thomas D. Woods bought 25,000 shares of Bank of America Corp. stock in a transaction dated Tuesday, August 2nd. The shares were bought at an average cost of $14.13 per share, with a total value of $353,250.00. Following the acquisition, the director now owns 32,459 shares in the company, valued at approximately $458,645.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Several hedge funds recently added to or reduced their stakes in BAC. Private Capital Management Inc. bought a new stake in Bank of America Corp. during the fourth quarter valued at about $1,079,000. 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 during the period. Greenwood Capital Associates LLC raised its stake 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 during the period. Baird Financial Group Inc. raised 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 period. Finally, State of Tennessee Treasury Department raised its stake in Bank of America Corp. by 6.6% in the fourth quarter. State of Tennessee Treasury Department now owns 9,738,232 shares of the financial services provider’s stock valued at $163,894,000 after buying an additional 601,931 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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