Investors Buy Bank of America (BAC) on Weakness

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Investors purchased shares of Bank of America Corp (NYSE:BAC) on weakness during trading on Friday. $795.36 million flowed into the stock on the tick-up and $216.19 million flowed out of the stock on the tick-down, for a money net flow of $579.17 million into the stock. Of all stocks tracked, Bank of America had the 3rd highest net in-flow for the day. Bank of America traded down ($0.16) for the day and closed at $29.30

Several research analysts have commented on BAC shares. UBS Group set a $33.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Edward Jones upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. Daiwa Capital Markets cut shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Friday, February 8th. Jefferies Financial Group upped their target price on shares of Bank of America from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, January 18th. Finally, Wells Fargo & Co set a $36.00 target price on shares of Bank of America and gave the stock a “buy” rating in a research report on Wednesday, January 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Bank of America has an average rating of “Hold” and a consensus price target of $33.18.

The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $301.78 billion, a P/E ratio of 11.23, a PEG ratio of 1.27 and a beta of 1.49.

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

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Thursday, February 28th. Bank of America’s dividend payout ratio (DPR) is presently 22.99%.

Several institutional investors have recently bought and sold shares of BAC. Cranbrook Wealth Management LLC boosted its holdings in shares of Bank of America by 86.1% in the fourth quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 500 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of Bank of America in the fourth quarter valued at approximately $31,000. Semmax Financial Advisors Inc. acquired a new stake in Bank of America during the fourth quarter valued at approximately $34,000. NewSquare Capital LLC lifted its stake in Bank of America by 50.0% during the fourth quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 500 shares during the last quarter. Finally, Intercontinental Wealth Advisors LLC acquired a new stake in Bank of America during the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 64.22% of the company’s stock.

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Bank of America Company Profile (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.

See Also: Fundamental Analysis – How It Helps Investors

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