The stock gapped up on Friday before the market opened. Stock had closed at $28.56 but opened at 29.30. Bank of America's shares were last traded at $29.51, and a total volume of 20,632,055 was recorded.
Analyst Ratings Changes
Recently, several analysts have commented on the company. JPMorgan Chase & Co. reduced their target price for Bank of America in a Monday report from $38.00 down to $34.00. They also set an 'overweight rating' on the stock. Barclays reduced their target price for Bank of America in a Wednesday report from $48.00 down to $39.00. They also set an "overweight" rating on the stock. Odeon Capital Group lowered Bank of America's rating from a "buy" to a "hold", and set a target price of $35.20 for the stock. In a report published on March 8th. Keefe, Bruyette & Woods lowered their price target from $35.00 down to $33.00 and re-rated Bank of America as 'underperform.' This was in a report published on Wednesday, 8th February. Royal Bank of Canada reduced their price target for Bank of America in a Friday, March 24, report from $40.00 down to $34.00. They also gave the stock an 'outperform rating'. Two analysts have given the stock a sell recommendation, seven have given it a hold recommendation and eight have given it a buy recommendation. The company's debt-to equity ratio is 1.13. Its current ratio is 0.78, and its quick ratio 0.77. The stock's 50-day average price is $31.64 while its 200-day average price is $33.35.
The last time ) released its quarterly results was on Friday, 13th January. The financial services provider posted $0.85 per share for the quarter. This was $0.09 higher than analysts' expectations of $0.76. Bank of America's return on equity was 11.41%, and its net margin was 23.93%. The company's revenue for the quarter was $24.50 billion, which is higher than analyst expectations of $24.17. In the same quarter of last year, the company posted $0.82 in earnings per share. Bank of America saw its revenue increase by 11.1% over the same period last year. The company will report 3.27 EPS in the current fiscal year.
Bank of America Dividend Announcement
A quarterly dividend was also declared by the business and paid out on Friday 31st March. Dividends were paid to shareholders who had their records on the Friday, March 3, 2018. This is a $0.88 dividend annualized and a 3.00% dividend yield. The ex-dividend day was Thursday, 2nd March. Bank of America has a dividend payout ratio of 27.59%.
Insiders Bet on the Future
Insider Matthew M. Koder, in other Bank of America News, sold 105.054 shares of its stock during a transaction on Thursday, the 23rd of February. The stock was bought at an average of $34.27 for a transaction totaling $3,600.200.58. The insider owns approximately $10,959 648.81 worth of stock after the transaction. Insider Matthew M. Koder, in another news item, sold 214 745 shares of Bank of America on Thursday February 2nd. The stock was purchased at an average of $35.91 for a transaction totaling $7,711,492.95. After the transaction is complete, the insider owns approximately $7,711,564.77 worth of shares. Insider Matthew M. Koder also sold 105.054 shares of Bank of America in a transaction which occurred on Thursday, 23rd February. The stock was bought at an average of $34.27 for a value of $3.600,200.58. The insider owns now 319,803 of the company stock valued at $10.959,648.81. Insiders hold 0.27% the stock of a company.
Inflows of Institutional Capital and Outflows
Recently, hedge funds and institutional investors made some changes to their position in the industry. Congress Park Capital LLC increased its stake in Bank of America shares by 32.0% over the third quarter. Congress Park Capital LLC owns 43 420 shares in the financial services provider, worth $1 311,000, after adding 10,525 additional shares. AlphaCrest Capital Management LLC increased its holdings of Bank of America in the third quarter by 70.5%. AlphaCrest Capital Management LLC owns 91 399 shares of stock in the financial services provider valued at $2 760,000, after purchasing an additional 37 794 shares during the last quarter. Vista Wealth Management Group LLC increased its holdings of Bank of America in the third quarter by 1.7%. Vista Wealth Management Group LLC owns 22,879 of the financial services provider’s stock, valued at $802,000. This is after purchasing an additional 393 share in the last quarter. Carnegie Capital Asset Management LLC increased its holdings of Bank of America in the third quarter by 58.2%. Carnegie Capital Asset Management LLC owns 138.617 shares worth $4,186,000, after purchasing an additional 50.987 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its holdings of Bank of America in the third quarter by 18.8%. B. Riley Wealth Advisors Inc. owns 22,443 shares worth $6,690,000 of the stock of the financial services provider after purchasing an additional 35,107 in the last quarter. Institutional investors own 68.34% the stock.
Bank of America Company Overview
Bank of America Corp., a financial holding company and bank that provides banking and nonbank services. It is divided into four segments: Consumer Banking (also known as Global Wealth and Investment Management, or GWIM), Global Banking (also known as Global Markets), and All Other. Consumer Banking offers credit, investment, and banking products and services for consumers and small business.
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