Investors Buy Bank of America (BAC) on Weakness

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Traders bought shares of Bank of America Corp (NYSE:BAC) on weakness during trading hours on Thursday. $634.05 million flowed into the stock on the tick-up and $436.92 million flowed out of the stock on the tick-down, for a money net flow of $197.13 million into the stock. Of all stocks tracked, Bank of America had the 9th highest net in-flow for the day. Bank of America traded down ($0.60) for the day and closed at $28.47

Several equities analysts have recently issued reports on the company. Zacks Investment Research lowered Bank of America from a “buy” rating to a “hold” rating in a report on Wednesday, January 23rd. Jefferies Financial Group upped their price objective on Bank of America from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, January 18th. Barclays reiterated a “hold” rating on shares of Bank of America in a research note on Thursday, January 17th. Wells Fargo & Co set a $36.00 price objective on Bank of America and gave the company a “buy” rating in a research note on Wednesday, January 16th. Finally, ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, January 16th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $33.40.

The company has a debt-to-equity ratio of 0.94, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market cap of $290.00 billion, a P/E ratio of 10.91, a P/E/G ratio of 1.29 and a beta of 1.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. Bank of America had a return on equity of 11.66% and a net margin of 25.45%. The business had revenue of $22.89 billion for the quarter, compared to the consensus estimate of $22.37 billion. During the same quarter in the prior year, the business earned $0.48 earnings per share. Bank of America’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts expect that Bank of America Corp will post 2.84 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, February 28th. This represents a $0.60 annualized dividend and a dividend yield of 2.11%. Bank of America’s dividend payout ratio is currently 22.99%.

Several large investors have recently bought and sold shares of the business. Allred Capital Management LLC purchased a new stake in shares of Bank of America during the fourth quarter worth $388,000. Shelton Capital Management lifted its position in shares of Bank of America by 11.6% during the fourth quarter. Shelton Capital Management now owns 470,661 shares of the financial services provider’s stock worth $11,597,000 after acquiring an additional 49,000 shares in the last quarter. Private Ocean LLC lifted its position in shares of Bank of America by 131.9% during the fourth quarter. Private Ocean LLC now owns 1,679 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 955 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Bank of America by 2.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 27,168 shares of the financial services provider’s stock worth $670,000 after acquiring an additional 739 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its position in shares of Bank of America by 4.1% during the fourth quarter. Wedge Capital Management L L P NC now owns 1,653,984 shares of the financial services provider’s stock worth $40,754,000 after acquiring an additional 65,393 shares in the last quarter. Hedge funds and other institutional investors own 64.26% of the company’s stock.

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About Bank of America (NYSE:BAC)

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

Further Reading: Initial Public Offering (IPO)

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