Investors Buy Shares of Bank of America Corporation (BAC) on Weakness

Traders bought shares of Bank of America Corporation (NYSE:BAC) on weakness during trading on Thursday. $305.28 million flowed into the stock on the tick-up and $274.51 million flowed out of the stock on the tick-down, for a money net flow of $30.77 million into the stock. Of all stocks tracked, Bank of America Corporation had the 27th highest net in-flow for the day. Bank of America Corporation traded down ($0.62) for the day and closed at $24.12

Several research analysts have weighed in on BAC shares. Nomura reiterated a “buy” rating on shares of Bank of America Corporation in a research note on Wednesday, April 19th. Vining Sparks upgraded Bank of America Corporation to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Wednesday, April 19th. Barclays PLC reiterated an “equal weight” rating and issued a $28.00 target price (up from $26.00) on shares of Bank of America Corporation in a research note on Saturday, April 22nd. Berenberg Bank downgraded Bank of America Corporation from a “buy” rating to a “hold” rating and lifted their target price for the company from $15.00 to $22.00 in a research note on Monday, April 24th. Finally, Zacks Investment Research downgraded Bank of America Corporation from a “buy” rating to a “hold” rating in a research note on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $23.94.

The company’s 50-day moving average is $24.22 and its 200-day moving average is $23.78. The firm has a market capitalization of $253.66 billion, a PE ratio of 14.37 and a beta of 1.27.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.03. The company had revenue of $22.80 billion during the quarter, compared to analyst estimates of $21.84 billion. Bank of America Corporation had a return on equity of 8.11% and a net margin of 20.28%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. Equities research analysts predict that Bank of America Corporation will post $1.82 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a $0.12 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.99%. This is a positive change from Bank of America Corporation’s previous quarterly dividend of $0.08. Bank of America Corporation’s dividend payout ratio is presently 17.86%.

Bank of America Corporation announced that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Several hedge funds have recently added to or reduced their stakes in the stock. Northwest Investment Counselors LLC acquired a new stake in Bank of America Corporation during the second quarter worth about $100,000. Armbruster Capital Management Inc. raised its stake in Bank of America Corporation by 10.8% in the first quarter. Armbruster Capital Management Inc. now owns 4,323 shares of the financial services provider’s stock worth $102,000 after buying an additional 423 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in Bank of America Corporation by 12.9% in the first quarter. Integrated Investment Consultants LLC now owns 4,368 shares of the financial services provider’s stock worth $103,000 after buying an additional 500 shares during the last quarter. Chicago Partners Investment Group LLC raised its stake in Bank of America Corporation by 11.0% in the second quarter. Chicago Partners Investment Group LLC now owns 4,531 shares of the financial services provider’s stock worth $103,000 after buying an additional 450 shares during the last quarter. Finally, Gradient Investments LLC raised its stake in Bank of America Corporation by 18.2% in the first quarter. Gradient Investments LLC now owns 4,542 shares of the financial services provider’s stock worth $107,000 after buying an additional 700 shares during the last quarter. Institutional investors own 66.42% of the company’s stock.

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About Bank of America Corporation

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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