Traders sold shares of Bank of America Corp (NYSE:BAC) on strength during trading hours on Friday. $587.41 million flowed into the stock on the tick-up and $654.28 million flowed out of the stock on the tick-down, for a money net flow of $66.87 million out of the stock. Of all companies tracked, Bank of America had the 26th highest net out-flow for the day. Bank of America traded up $0.59 for the day and closed at $30.33
A number of research analysts recently commented on the company. Morgan Stanley boosted their price target on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $32.49 price target on the stock. in a report on Friday, January 19th. Royal Bank of Canada boosted their price target on Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Finally, BMO Capital Markets boosted their price target on Bank of America to $34.00 and gave the stock an “average” rating in a report on Thursday, January 18th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $30.17.
The stock has a market cap of $312,010.00, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 1.59 and a beta of 1.41. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.90 and a current ratio of 0.91.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 2nd will be issued 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 yield of 1.58%. Bank of America’s payout ratio is presently 31.17%.
Bank of America announced that its board has authorized a stock buyback plan on Tuesday, December 5th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
A number of large investors have recently added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board grew its position in Bank of America by 10.0% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 3,350,976 shares of the financial services provider’s stock valued at $98,921,000 after acquiring an additional 305,617 shares during the last quarter. American International Group Inc. grew its position in Bank of America by 4.4% in the 4th quarter. American International Group Inc. now owns 3,286,133 shares of the financial services provider’s stock valued at $97,007,000 after acquiring an additional 137,398 shares during the last quarter. Valmark Advisers Inc. bought a new position in Bank of America in the 4th quarter valued at $220,000. Arrowstreet Capital Limited Partnership bought a new position in Bank of America in the 4th quarter valued at $2,397,000. Finally, Centaurus Financial Inc. bought a new position in Bank of America in the 4th quarter valued at $1,621,000. Institutional investors own 69.34% of the company’s stock.
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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