Traders Buy Large Volume of Call Options on Bank of America (BAC)
Shares of Bank of America (NYSE:BAC) were the recipient of unusually large options trading on Friday. Stock investors bought 163,977 call options on the company, American Banking and Market News reports. This represents an increase of approximately 141% compared to the average volume of 68,083 call options.
Several analysts have recently commented on the stock. 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 research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $17.53.
Shares of Bank of America (NYSE:BAC) traded down 0.65% on Friday, hitting $15.22. The stock had a trading volume of 61,308,484 shares. 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 $160.1 billion and a price-to-earnings ratio of 24.01.
Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The company reported $0.41 earnings per share for the quarter, beating the analysts’ 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 last 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 announced a quarterly dividend, which is scheduled for Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Wednesday, September 3rd. This is a positive change 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.
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