Traders Sell Bank of America (BAC) on Strength (BAC)
Traders sold shares of Bank of America Corp (NYSE:BAC) on strength during trading hours on Monday. $217.06 million flowed into the stock on the tick-up and $246.84 million flowed out of the stock on the tick-down, for a money net flow of $29.78 million out of the stock. Of all stocks tracked, Bank of America had the 0th highest net out-flow for the day. Bank of America traded up $0.12 for the day and closed at $32.84
Several research firms have recently weighed in on BAC. BMO Capital Markets increased their price objective on Bank of America to $34.00 and gave the company an “average” rating in a research report on Thursday, January 18th. They noted that the move was a valuation call. ValuEngine cut Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Vetr cut Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price objective for the company. in a research report on Wednesday, January 10th. Vining Sparks reissued a “buy” rating and issued a $34.00 price objective on shares of Bank of America in a research report on Wednesday, January 17th. Finally, Morgan Stanley increased their price objective on Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $30.35.
The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $336,402.78, a P/E ratio of 20.88, a P/E/G ratio of 1.67 and a beta of 1.36.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.48 annualized dividend and a yield of 1.48%. Bank of America’s dividend payout ratio is currently 30.97%.
Bank of America declared that its board has initiated a stock repurchase program on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors have recently added to or reduced their stakes in BAC. Janus Henderson Group PLC raised its stake in Bank of America by 587.0% during the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock worth $329,911,000 after acquiring an additional 11,619,173 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after acquiring an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after acquiring an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after acquiring an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD boosted its holdings in Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after acquiring an additional 7,231,615 shares during the last quarter. Hedge funds and other institutional investors own 69.92% of the company’s stock.
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About Bank of America
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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