Traders Sell Bank of America Corp. (BAC) on Strength (BAC)
Traders sold shares of Bank of America Corp. (NYSE:BAC) on strength during trading hours on Tuesday. $159.10 million flowed into the stock on the tick-up and $190.40 million flowed out of the stock on the tick-down, for a money net flow of $31.30 million out of the stock. Of all stocks tracked, Bank of America Corp. had the 0th highest net out-flow for the day. Bank of America Corp. traded up $0.01 for the day and closed at $15.60
BAC has been the subject of several analyst reports. Sanford C. Bernstein restated a “buy” rating on shares of Bank of America Corp. in a research report on Monday, June 20th. Buckingham Research restated a “buy” rating on shares of Bank of America Corp. in a research report on Tuesday, June 21st. Vetr upgraded Bank of America Corp. from a “hold” rating to a “buy” rating and set a $15.29 target price for the company in a research report on Monday, June 6th. Deutsche Bank AG restated a “buy” rating on shares of Bank of America Corp. in a research report on Saturday, June 4th. Finally, TheStreet upgraded Bank of America Corp. to a “buy” rating in a research report on Thursday, May 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-one have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $25.04.
The company has a market capitalization of $164.06 billion, a PE ratio of 13.08 and a beta of 1.67. The firm’s 50 day moving average price is $15.40 and its 200-day moving average price is $14.29.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/traders-sell-bank-of-america-corp-bac-on-strength-bac.html
Bank of America Corp. (NYSE:BAC) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.03. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The company had revenue of $20.60 million for the quarter, compared to analyst estimates of $20.41 billion. During the same quarter last year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. Analysts anticipate that Bank of America Corp. will post $1.26 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Wednesday, August 31st. This is a positive change from Bank of America Corp.’s previous quarterly dividend of $0.05. Bank of America Corp.’s dividend payout ratio (DPR) is currently 24.59%.
In related news, Director Thomas D. Woods bought 25,000 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were bought at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the acquisition, the director now directly owns 32,459 shares of the company’s stock, valued at $458,645.67. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Dodge & Cox raised its stake in shares of Bank of America Corp. by 15.4% in the first quarter. Dodge & Cox now owns 215,803,933 shares of the financial services provider’s stock worth $2,917,669,000 after buying an additional 28,729,070 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Bank of America Corp. during the second quarter worth approximately $364,977,000. Societe Generale acquired a new stake in shares of Bank of America Corp. during the second quarter worth approximately $151,627,000. Vanguard Group Inc. raised its stake in shares of Bank of America Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 610,454,858 shares of the financial services provider’s stock worth $8,100,737,000 after buying an additional 9,325,426 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of Bank of America Corp. by 16.8% in the first quarter. Canada Pension Plan Investment Board now owns 47,215,349 shares of the financial services provider’s stock worth $638,352,000 after buying an additional 6,801,200 shares during the period. Institutional investors and hedge funds own 60.68% of the company’s stock.
About Bank of America Corp.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
Receive News & Ratings for Bank of America Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America Corp. and related companies with MarketBeat.com's FREE daily email newsletter.