Traders Sell Shares of Bank of America (BAC) on Strength (BAC)

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.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.03. Bank of America had a return on equity of 8.54% and a net margin of 18.03%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $21.61 billion. During the same quarter in the prior year, the firm posted $0.40 EPS. Bank of America’s quarterly revenue was up 3.5% compared to the same quarter last year. equities analysts forecast that Bank of America Corp will post 2.46 earnings per share for the current year.

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.

TRADEMARK VIOLATION NOTICE: This story was reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are reading this story on another site, it was illegally stolen and reposted in violation of US & international copyright and trademark legislation. The original version of this story can be read at https://sportsperspectives.com/2018/02/09/traders-sell-shares-of-bank-of-america-bac-on-strength-bac.html.

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.

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply