Traders Sell Shares of Bank of America (BAC) on Strength (BAC)

Investors sold shares of Bank of America Corp (NYSE:BAC) on strength during trading on Friday. $587.41 million flowed into the stock on the tick-up and $654.28 million flowed out of the stock on the tick-down, for a money net flow of $66.87 million out of the stock. Of all equities tracked, Bank of America had the 0th highest net out-flow for the day. Bank of America traded up $0.59 for the day and closed at $30.33

Several equities research analysts have recently commented on BAC shares. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $26.59 price objective for the company in a research note on Monday, October 16th. Royal Bank of Canada lifted their price objective on shares of Bank of America from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Monday, October 16th. BMO Capital Markets reiterated a “market perform” rating and set a $29.00 price objective (up from $27.00) on shares of Bank of America in a research note on Monday, October 16th. Nomura lifted their price objective on shares of Bank of America from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, October 16th. Finally, UBS Group set a $27.00 price objective on shares of Bank of America and gave the stock a “hold” rating in a research note on Monday, October 16th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $30.17.

The company has a market capitalization of $312,010.00, a PE ratio of 19.69, a PEG ratio of 1.54 and a beta of 1.41. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.03. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The company’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 earnings per share. analysts anticipate that Bank of America Corp will post 2.46 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 2nd will be given a $0.12 dividend. The ex-dividend date is Thursday, March 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.58%. Bank of America’s dividend payout ratio (DPR) is currently 31.17%.

Bank of America declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 5th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Several institutional investors have recently modified their holdings of BAC. 1ST Source Bank increased its stake in shares of Bank of America by 4.8% during the third quarter. 1ST Source Bank now owns 81,124 shares of the financial services provider’s stock worth $2,056,000 after purchasing an additional 3,690 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Bank of America by 1.9% during the third quarter. Teacher Retirement System of Texas now owns 6,806,200 shares of the financial services provider’s stock worth $172,469,000 after purchasing an additional 128,510 shares in the last quarter. TIAA FSB purchased a new stake in shares of Bank of America during the second quarter worth about $2,400,000. Personal Capital Advisors Corp purchased a new stake in shares of Bank of America during the third quarter worth about $311,000. Finally, Bronfman E.L. Rothschild L.P. increased its stake in shares of Bank of America by 7.5% during the third quarter. Bronfman E.L. Rothschild L.P. now owns 64,694 shares of the financial services provider’s stock worth $1,639,000 after purchasing an additional 4,537 shares in the last quarter. Institutional investors and hedge funds own 69.34% of the company’s stock.

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Bank of America 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.

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