Traders Sell Bank of America Corporation (BAC) on Strength (BAC)
Investors sold shares of Bank of America Corporation (NYSE:BAC) on strength during trading on Monday. $184.30 million flowed into the stock on the tick-up and $223.53 million flowed out of the stock on the tick-down, for a money net flow of $39.23 million out of the stock. Of all stocks tracked, Bank of America Corporation had the 20th highest net out-flow for the day. Bank of America Corporation traded up $0.20 for the day and closed at $24.09
Several equities research analysts recently weighed in on BAC shares. BidaskClub raised shares of Bank of America Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 4th. CIBC reaffirmed an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 11th. Keefe, Bruyette & Woods reissued an “outperform” rating on shares of Bank of America Corporation in a report on Tuesday, July 4th. Vetr downgraded shares of Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price target for the company. in a report on Wednesday, June 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Bank of America Corporation in a report on Friday, August 11th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $24.47.
The stock has a 50-day moving average of $24.11 and a 200-day moving average of $23.87. The company has a market capitalization of $253.34 billion, a PE ratio of 14.35 and a beta of 1.26.
Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the previous year, the firm earned $0.41 EPS. Bank of America Corporation’s revenue was up 7.1% on a year-over-year basis. Equities research analysts anticipate that Bank of America Corporation will post $1.81 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.99%. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s payout ratio is 28.57%.
Bank of America Corporation declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $12.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other Bank of America Corporation news, Director Frank P. Bramble sold 86,763 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.16, for a total value of $2,096,194.08. Following the completion of the transaction, the director now owns 50,000 shares of the company’s stock, valued at approximately $1,208,000. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Intl Fcstone Inc. acquired a new position in Bank of America Corporation in the 2nd quarter worth about $348,000. Griffin Asset Management Inc. acquired a new position in Bank of America Corporation in the 2nd quarter worth about $824,000. Achmea Investment Management B.V. increased its holdings in Bank of America Corporation by 66.6% in the 2nd quarter. Achmea Investment Management B.V. now owns 584,604 shares of the financial services provider’s stock worth $14,179,000 after purchasing an additional 233,753 shares in the last quarter. Aldebaran Financial Inc. increased its holdings in Bank of America Corporation by 6.7% in the 2nd quarter. Aldebaran Financial Inc. now owns 14,387 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 900 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in Bank of America Corporation by 57.9% in the 2nd quarter. Lord Abbett & CO. LLC now owns 5,377,671 shares of the financial services provider’s stock worth $130,463,000 after purchasing an additional 1,971,715 shares in the last quarter. 66.04% of the stock is owned by institutional investors and hedge funds.
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Bank of America Corporation Company Profile
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.