Traders Buy Bank of America Corp. (BAC) on Weakness
Investors purchased shares of Bank of America Corp. (NYSE:BAC) on weakness during trading on Friday. $375.59 million flowed into the stock on the tick-up and $329.22 million flowed out of the stock on the tick-down, for a money net flow of $46.37 million into the stock. Of all stocks tracked, Bank of America Corp. had the 8th highest net in-flow for the day. Bank of America Corp. traded down ($0.16) for the day and closed at $15.98
Several equities research analysts have weighed in on BAC shares. Raymond James Financial Inc. reaffirmed an “outperform” rating on shares of Bank of America Corp. in a research note on Friday, June 3rd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $15.00 target price on shares of Bank of America Corp. in a research report on Wednesday, July 20th. Deutsche Bank AG reissued a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, June 4th. Jefferies Group reissued a “buy” rating on shares of Bank of America Corp. in a research report on Sunday, July 10th. Finally, Wells Fargo & Co. reissued a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, July 9th. 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. presently has an average rating of “Buy” and a consensus price target of $24.54.
The company’s 50-day moving average is $14.92 and its 200-day moving average is $14.01. The firm has a market cap of $168.26 billion and a P/E ratio of 13.41.
Bank of America Corp. (NYSE:BAC) last released its earnings results on Monday, July 18th. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. During the same period last year, the firm posted $0.45 EPS. The company 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% compared to the same quarter last year. On average, equities research analysts forecast that Bank of America Corp. will post $1.26 earnings per share for the current 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 $0.075 dividend. This is an increase from Bank of America Corp.’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Wednesday, August 31st.
In related news, Director Thomas D. Woods bought 25,000 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were purchased at an average price of $14.13 per share, with a total value of $353,250.00. Following the completion of the acquisition, the director now owns 32,459 shares of the company’s stock, valued at $458,645.67. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink.
Several institutional investors recently added to or reduced their stakes in BAC. 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. Private Capital Management Inc. bought a new position in Bank of America Corp. during the fourth quarter valued at approximately $1,079,000. Finally, Greenwood Capital Associates LLC increased its position 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.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.