Short Interest in Bank of America Grows By 7.3% (BAC)
Bank of America (NYSE:BAC) was the target of a large growth in short interest in July. As of July 31st, there was short interest totalling 102,285,138 shares, a growth of 7.3% from the July 15th total of 95,314,680 shares, AnalystRatingsNetwork.com reports. Currently, 1.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 67,323,592 shares, the short-interest ratio is currently 1.5 days.
A number of analysts have recently weighed in on BAC shares. Analysts at Oppenheimer raised their price target on shares of Bank of America from $19.00 to $20.00 in a research note on Monday, July 7th. They now have an “outperform” rating on the stock. Separately, analysts at Deutsche Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Tuesday, July 1st. They now have a $18.00 price target on the stock, up previously from $16.50. Finally, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Bank of America in a research note on Thursday, June 19th. They now have a $17.00 price target on the stock, down previously from $17.50. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $17.53.
Shares of Bank of America (NYSE:BAC) opened at 15.32 on Friday. Bank of America has a 52 week low of $13.60 and a 52 week high of $18.03. The stock has a 50-day moving average of $15.43 and a 200-day moving average of $15.93. The company has a market cap of $161.1 billion and a price-to-earnings ratio of 23.90.
Bank of America (NYSE:BAC) last released its earnings data on Wednesday, July 16th. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.30 by $0.11. The company had revenue of $21.96 billion for the quarter, compared to the consensus estimate of $21.69 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. Analysts expect that Bank of America will post $0.80 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 26th. Investors of record on Friday, September 5th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Wednesday, September 3rd. This is an increase from Bank of America’s previous quarterly dividend of $0.01.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.