Bank of America Declares Dividend of $0.01 (BAC)
Bank of America (NYSE:BAC) announced a dividend on Wednesday, June 18th, American Banking News reports. Shareholders of record on Tuesday, June 24th will be paid a dividend of 0.01 per share on Monday, June 30th. The ex-dividend date is Friday, June 20th.
BAC has been the subject of a number of recent research reports. Analysts at Zacks reiterated an “underperform” rating on shares of Bank of America in a research note on Wednesday, May 21st. They now have a $13.00 price target on the stock. On the ratings front, analysts at Citigroup Inc. initiated coverage on shares of Bank of America in a research note on Wednesday, May 21st. They set a “buy” rating on the stock. Finally, analysts at MKM Partners initiated coverage on shares of Bank of America in a research note on Wednesday, May 21st. They set a “buy” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have given a buy rating to the stock. Bank of America currently has a consensus rating of “Buy” and an average target price of $16.85.
Shares of Bank of America (NYSE:BAC) traded up 0.38% on Wednesday, hitting $15.65. 70,126,184 shares of the company’s stock traded hands. Bank of America has a 1-year low of $12.13 and a 1-year high of $18.03. The stock’s 50-day moving average is $15.10 and its 200-day moving average is $16.11. The company has a market cap of $164.6 billion and a price-to-earnings ratio of 20.25. Bank of America also was the recipient of a significant increase in short interest in May. As of May 30th, there was short interest totalling 93,012,599 shares, an increase of 5.5% from the May 15th total of 88,130,900 shares. Based on an average daily volume of 64,309,675 shares, the days-to-cover ratio is presently 1.4 days. Approximately 0.9% of the company’s stock are sold short.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Wednesday, April 16th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.30. The company had revenue of $22.80 billion for the quarter, compared to the consensus estimate of $22.38 billion. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, analysts predict that Bank of America will post $0.91 earnings per share for the current fiscal year.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
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