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 Friday. $256.91 million flowed into the stock on the tick-up and $286.13 million flowed out of the stock on the tick-down, for a money net flow of $29.22 million out of the stock. Of all companies tracked, Bank of America Corp. had the 0th highest net out-flow for the day. Bank of America Corp. traded up $0.02 for the day and closed at $16.00
Several equities research analysts have commented on the stock. Deutsche Bank AG reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Saturday, June 4th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Saturday, July 9th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Saturday, July 9th. Jefferies Group reaffirmed a “buy” rating on shares of Bank of America Corp. in a report on Sunday, July 10th. Finally, Vetr lowered shares of Bank of America Corp. from a “strong-buy” rating to a “buy” rating and set a $14.20 price target on the stock. in a report on Tuesday, June 28th. One 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. Bank of America Corp. currently has an average rating of “Buy” and an average price target of $24.54.
The firm has a market capitalization of $168.26 billion and a P/E ratio of 13.41. The company’s 50-day moving average is $14.92 and its 200 day moving average is $14.01.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The business earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. During the same period last year, the company earned $0.45 EPS. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. Equities analysts forecast that Bank of America Corp. will post $1.26 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 23rd. Investors of record on Friday, September 2nd will be paid a dividend of $0.075 per share. This is a positive change 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 other news, Director Thomas D. Woods acquired 25,000 shares of Bank of America Corp. stock in a transaction that occurred on Tuesday, August 2nd. The shares were acquired at an average price 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Other institutional investors have recently made changes to their positions in the company. Greenwood Capital Associates LLC increased its position in shares of 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 last quarter. Braver Wealth Management LLC raised its position in shares of 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 shares of 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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