Traders Buy Shares of Bank of America (BAC) on Weakness

Investors purchased shares of Bank of America Corp (NYSE:BAC) on weakness during trading on Thursday. $281.69 million flowed into the stock on the tick-up and $245.27 million flowed out of the stock on the tick-down, for a money net flow of $36.42 million into the stock. Of all stocks tracked, Bank of America had the 14th highest net in-flow for the day. Bank of America traded down ($0.18) for the day and closed at $31.69

A number of research analysts recently weighed in on the stock. ValuEngine raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Morgan Stanley raised their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Vetr raised shares of Bank of America from a “strong sell” rating to a “sell” rating and set a $31.16 target price for the company in a research report on Monday, February 19th. Royal Bank of Canada raised their target price on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. Finally, Zacks Investment Research downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $30.21.

The company has a debt-to-equity ratio of 0.93, a current ratio of 0.91 and a quick ratio of 0.90. The company has a market capitalization of $329,500.00, a P/E ratio of 17.70, a PEG ratio of 1.61 and a beta of 1.41.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Friday, March 2nd will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Thursday, March 1st. Bank of America’s dividend payout ratio is presently 26.52%.

Bank of America announced that its board has initiated a share 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 reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Elkfork Partners LLC bought a new position in Bank of America during the fourth quarter worth about $30,270,000. Fairfield Bush & CO. increased its position in Bank of America by 14.1% during the fourth quarter. Fairfield Bush & CO. now owns 38,279 shares of the financial services provider’s stock worth $1,130,000 after acquiring an additional 4,725 shares during the period. Wagner Wealth Management LLC bought a new position in Bank of America during the fourth quarter worth about $562,000. Hanson McClain Inc. increased its position in Bank of America by 5.6% during the fourth quarter. Hanson McClain Inc. now owns 31,908 shares of the financial services provider’s stock worth $942,000 after acquiring an additional 1,694 shares during the period. Finally, Colonial Trust Advisors increased its position in Bank of America by 5.9% during the fourth quarter. Colonial Trust Advisors now owns 54,522 shares of the financial services provider’s stock worth $1,609,000 after acquiring an additional 3,040 shares during the period. Institutional investors own 68.67% 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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