Bank of America (NYSE:BAC) Shares Up 1%

Bank of America Co. (NYSE:BAC)’s share price rose 1% during trading on Monday . The company traded as high as $36.76 and last traded at $36.16. Approximately 11,114,858 shares traded hands during trading, a decline of 72% from the average daily volume of 39,975,973 shares. The stock had previously closed at $35.79.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. UBS Group reiterated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Keefe, Bruyette & Woods lifted their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, HSBC restated a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $38.29.

Bank of America Price Performance

The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The stock has a market cap of $273.65 billion, a PE ratio of 11.30, a P/E/G ratio of 1.64 and a beta of 1.39. The company has a fifty day moving average of $35.51 and a 200-day moving average of $32.19.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.77%. Bank of America’s payout ratio is 31.27%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the 3rd quarter worth about $25,000. Quarry LP acquired a new position in shares of Bank of America during the 4th quarter worth about $25,000. Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares in the last quarter. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the 4th quarter worth about $28,000. Finally, Castleview Partners LLC acquired a new position in shares of Bank of America during the 1st quarter worth about $28,000. 70.71% of the stock is owned by institutional investors and hedge funds.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.