Traders Buy Bank of America Corporation (BAC) on Weakness
Traders purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading hours on Thursday. $370.18 million flowed into the stock on the tick-up and $349.43 million flowed out of the stock on the tick-down, for a money net flow of $20.75 million into the stock. Of all stocks tracked, Bank of America Corporation had the 21st highest net in-flow for the day. Bank of America Corporation traded down ($0.44) for the day and closed at $22.97
Several analysts have recently issued reports on the company. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Bank of America Corporation in a research note on Friday, July 21st. Vetr cut Bank of America Corporation from a “buy” rating to a “hold” rating and set a $24.19 price objective on the stock. in a research note on Wednesday, June 28th. UBS AG reiterated a “neutral” rating and issued a $26.00 price objective on shares of Bank of America Corporation in a research note on Friday, July 21st. Wells Fargo & Company assumed coverage on Bank of America Corporation in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $30.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $27.00 price objective on shares of Bank of America Corporation in a research note on Wednesday, June 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-three have given a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $24.47.
The company’s 50 day moving average price is $24.07 and its 200 day moving average price is $23.85. The stock has a market capitalization of $241.56 billion, a PE ratio of 13.68 and a beta of 1.26.
Bank of America Corporation (NYSE:BAC) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Bank of America Corporation had a net margin of 20.28% and a return on equity of 8.11%. The firm had revenue of $22.80 billion during the quarter, compared to analysts’ expectations of $21.84 billion. During the same quarter in the prior year, the firm earned $0.41 EPS. Bank of America Corporation’s quarterly revenue was up 7.1% on a year-over-year basis. Analysts forecast that Bank of America Corporation will post $1.81 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This is a boost from Bank of America Corporation’s previous quarterly dividend of $0.08. This represents a $0.48 annualized dividend and a dividend yield of 2.09%. Bank of America Corporation’s dividend payout ratio (DPR) is 28.57%.
Bank of America Corporation declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $12.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Frank P. Bramble sold 86,763 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were 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 directly owns 50,000 shares in the company, valued at $1,208,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.18% of the company’s stock.
Several institutional investors have recently bought and sold shares of BAC. First Command Financial Services Inc. boosted its holdings in shares of Bank of America Corporation by 2.2% in the first quarter. First Command Financial Services Inc. now owns 15,324 shares of the financial services provider’s stock valued at $362,000 after acquiring an additional 325 shares in the last quarter. Viking Fund Management LLC bought a new position in shares of Bank of America Corporation in the first quarter valued at approximately $543,000. Howard Capital Management boosted its holdings in shares of Bank of America Corporation by 216.4% in the first quarter. Howard Capital Management now owns 72,088 shares of the financial services provider’s stock valued at $1,701,000 after acquiring an additional 49,306 shares in the last quarter. Berkshire Asset Management LLC PA boosted its holdings in shares of Bank of America Corporation by 1.1% in the first quarter. Berkshire Asset Management LLC PA now owns 149,536 shares of the financial services provider’s stock valued at $3,528,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Addison Capital Co boosted its holdings in shares of Bank of America Corporation by 0.9% in the first quarter. Addison Capital Co now owns 30,503 shares of the financial services provider’s stock valued at $720,000 after acquiring an additional 260 shares in the last quarter. Institutional investors and hedge funds own 66.04% of the company’s stock.
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About Bank of America Corporation
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.
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