Bank of America (BAC) Hits New 1-Year High at $31.83

Bank of America Corp (NYSE:BAC)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $31.83 and last traded at $31.86, with a volume of 39950000 shares. The stock had previously closed at $31.48.

A number of equities analysts recently commented on BAC shares. Barclays lifted their price target on shares of 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. Royal Bank of Canada reaffirmed a “buy” rating and set a $30.00 price target on shares of Bank of America in a research note on Friday, December 8th. Instinet dropped their price target on shares of Bank of America from $37.00 to $30.00 in a research note on Wednesday, January 3rd. BMO Capital Markets reaffirmed a “hold” rating and set a $31.00 price target on shares of Bank of America in a research note on Monday, January 8th. Finally, Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have given a buy rating to the company. Bank of America presently has a consensus rating of “Buy” and a consensus price target of $29.87.

The firm has a market cap of $333,150.00, a PE ratio of 20.74, a PEG ratio of 1.62 and a beta of 1.32. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.03. The company had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The firm’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 EPS. analysts anticipate that Bank of America Corp will post 2.45 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.48 annualized dividend and a yield of 1.50%. Bank of America’s dividend payout ratio (DPR) is 31.17%.

Bank of America announced that its board has approved a stock repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Several large investors have recently bought and sold shares of the company. UMB Bank N A MO raised its holdings in shares of Bank of America by 9.6% in the 4th quarter. UMB Bank N A MO now owns 78,167 shares of the financial services provider’s stock valued at $2,308,000 after purchasing an additional 6,822 shares in the last quarter. Cornerstone Financial Partners LLC raised its position in shares of Bank of America by 33.5% in the fourth quarter. Cornerstone Financial Partners LLC now owns 223,320 shares of the financial services provider’s stock valued at $6,589,000 after buying an additional 56,005 shares during the last quarter. Augustine Asset Management Inc. acquired a new stake in shares of Bank of America in the fourth quarter valued at about $611,000. Patten & Patten Inc. TN raised its position in shares of Bank of America by 2.8% in the fourth quarter. Patten & Patten Inc. TN now owns 252,113 shares of the financial services provider’s stock valued at $7,442,000 after buying an additional 6,863 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. raised its position in shares of Bank of America by 21.2% in the fourth quarter. Winslow Evans & Crocker Inc. now owns 17,846 shares of the financial services provider’s stock valued at $527,000 after buying an additional 3,116 shares during the last quarter. Institutional investors and hedge funds own 68.47% of the company’s stock.

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About Bank of America

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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