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

Traders sold shares of Bank of America Corp (NYSE:BAC) on strength during trading on Monday. $345.25 million flowed into the stock on the tick-up and $538.34 million flowed out of the stock on the tick-down, for a money net flow of $193.09 million out of the stock. Of all companies tracked, Bank of America had the 7th highest net out-flow for the day. Bank of America traded up $1.27 for the day and closed at $30.44

A number of equities analysts have commented on BAC shares. Credit Suisse Group raised Bank of America to an “outperform” rating and lifted their price target for the stock from $32.00 to $35.00 in a research note on Thursday, January 4th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $30.00 price target (up from $28.00) on shares of Bank of America in a research note on Thursday, November 30th. Zacks Investment Research raised Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Tuesday, January 2nd. Finally, Barclays lifted their price target on Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Nine research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Bank of America has a consensus rating of “Buy” and a consensus price target of $30.93.

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The company has a current ratio of 0.91, a quick ratio of 0.90 and a debt-to-equity ratio of 0.93. The company has a market cap of $298,808.44, a P/E ratio of 19.64, a PEG ratio of 1.48 and a beta of 1.36.

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, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. During the same period in the previous year, the firm earned $0.40 earnings per share. The business’s revenue was up 3.5% compared to the same quarter last year. research analysts forecast that Bank of America Corp will post 2.46 EPS for the current fiscal year.

The firm 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. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.48 annualized dividend and a dividend yield of 1.58%. Bank of America’s dividend payout ratio (DPR) is presently 30.97%.

Bank of America declared that its board has initiated a stock buyback plan on Tuesday, December 5th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Elkfork Partners LLC purchased a new stake in Bank of America in the fourth quarter worth $30,270,000. Fairfield Bush & CO. grew its stake in Bank of America by 14.1% in the fourth quarter. Fairfield Bush & CO. now owns 38,279 shares of the financial services provider’s stock worth $1,130,000 after purchasing an additional 4,725 shares during the period. Wagner Wealth Management LLC purchased a new stake in Bank of America in the fourth quarter worth $562,000. Hanson McClain Inc. grew its stake in Bank of America by 5.6% in the fourth quarter. Hanson McClain Inc. now owns 31,908 shares of the financial services provider’s stock worth $942,000 after purchasing an additional 1,694 shares during the period. Finally, Colonial Trust Advisors grew its stake in Bank of America by 5.9% in the fourth quarter. Colonial Trust Advisors now owns 54,522 shares of the financial services provider’s stock worth $1,609,000 after purchasing an additional 3,040 shares during the period. 69.84% of the stock is currently owned by hedge funds and other institutional investors.

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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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