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

Traders purchased shares of Bank of America Corporation (NYSE:BAC) on weakness during trading hours on Friday. $230.32 million flowed into the stock on the tick-up and $203.95 million flowed out of the stock on the tick-down, for a money net flow of $26.37 million into the stock. Of all companies tracked, Bank of America Corporation had the 30th highest net in-flow for the day. Bank of America Corporation traded down ($0.14) for the day and closed at $26.62

BAC has been the subject of a number of research analyst reports. Instinet reiterated a “buy” rating and set a $27.00 price target on shares of Bank of America Corporation in a report on Saturday, July 22nd. BidaskClub lowered Bank of America Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Wells Fargo & Company initiated coverage on Bank of America Corporation in a report on Wednesday, August 9th. They set an “outperform” rating and a $30.00 price target for the company. Jefferies Group LLC restated a “buy” rating and issued a $28.00 target price on shares of Bank of America Corporation in a research note on Friday, August 11th. Finally, Vetr upgraded Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.29 target price for the company in a research note on Monday, August 21st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $25.82.

The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91. The company has a market cap of $277,662.84, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 1.84 and a beta of 1.31.

Bank of America Corporation (NYSE:BAC) last released its earnings results on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.02. Bank of America Corporation had a return on equity of 8.33% and a net margin of 20.66%. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. equities research analysts expect that Bank of America Corporation will post 1.8 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, November 30th. Bank of America Corporation’s payout ratio is 27.43%.

A number of large investors have recently added to or reduced their stakes in BAC. Tarbox Family Office Inc. raised its position in shares of Bank of America Corporation by 0.4% during the second quarter. Tarbox Family Office Inc. now owns 4,809 shares of the financial services provider’s stock worth $117,000 after purchasing an additional 21 shares during the period. Capital Management Corp VA raised its position in shares of Bank of America Corporation by 0.3% during the second quarter. Capital Management Corp VA now owns 10,385 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 33 shares during the period. Gateway Advisory LLC raised its position in shares of Bank of America Corporation by 0.4% during the second quarter. Gateway Advisory LLC now owns 10,053 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 45 shares during the period. Arbor Investment Advisors LLC grew its holdings in shares of Bank of America Corporation by 0.3% during the second quarter. Arbor Investment Advisors LLC now owns 14,328 shares of the financial services provider’s stock worth $348,000 after buying an additional 46 shares in the last quarter. Finally, Lbmc Investment Advisors LLC grew its holdings in shares of Bank of America Corporation by 0.3% during the second quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock worth $409,000 after buying an additional 51 shares in the last quarter. 62.19% of the stock is currently owned by hedge funds and other institutional investors.

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Bank of America Corporation 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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