Bank of America Corp (BAC) Short Interest Update

Bank of America Corp (NYSE:BAC) saw a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 132,074,586 shares, a decrease of 9.0% from the January 12th total of 145,095,245 shares. Based on an average daily trading volume, of 72,012,742 shares, the short-interest ratio is presently 1.8 days. Currently, 1.4% of the shares of the stock are short sold.

Shares of Bank of America (NYSE BAC) opened at $31.12 on Tuesday. The company has a market cap of $320,140.00, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 1.54 and a beta of 1.41. Bank of America has a one year low of $22.07 and a one year high of $32.67. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.93.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, January 17th. The financial services provider reported $0.47 EPS for the quarter, topping the consensus estimate of $0.44 by $0.03. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $21.61 billion. Bank of America had a net margin of 18.03% and a return on equity of 8.54%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 EPS. equities analysts forecast that Bank of America 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. Shareholders of record on Friday, March 2nd will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.54%. The ex-dividend date is Thursday, March 1st. Bank of America’s payout ratio is currently 31.17%.

Bank of America announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 5th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Several research analysts recently weighed in on the stock. BidaskClub raised shares of Bank of America from a “buy” rating to a “strong-buy” rating in a report on Monday, October 23rd. ValuEngine downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $29.00 target price (up previously from $27.00) on shares of Bank of America in a report on Monday, October 16th. Royal Bank of Canada upped their target price on shares of Bank of America to $35.00 and gave the stock an “outperform” rating in a report on Thursday, January 18th. Finally, Barclays upped their target price on shares of Bank of America from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the company’s stock. Bank of America currently has an average rating of “Buy” and a consensus target price of $29.99.

A number of hedge funds have recently made changes to their positions in the business. Lbmc Investment Advisors LLC raised its position in shares of Bank of America by 0.3% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 16,851 shares of the financial services provider’s stock valued at $409,000 after buying an additional 51 shares in the last quarter. TCI Wealth Advisors Inc. raised its position in shares of Bank of America by 0.4% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 14,402 shares of the financial services provider’s stock valued at $349,000 after buying an additional 54 shares in the last quarter. Altavista Wealth Management Inc. raised its position in shares of Bank of America by 0.7% during the 2nd quarter. Altavista Wealth Management Inc. now owns 10,199 shares of the financial services provider’s stock valued at $247,000 after buying an additional 68 shares in the last quarter. Alpha Omega Wealth Management LLC raised its position in shares of Bank of America by 0.3% during the 2nd quarter. Alpha Omega Wealth Management LLC now owns 25,288 shares of the financial services provider’s stock valued at $613,000 after buying an additional 76 shares in the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management raised its position in shares of Bank of America by 0.9% during the 2nd quarter. Gerber Kawasaki Wealth & Investment Management now owns 11,190 shares of the financial services provider’s stock valued at $278,000 after buying an additional 98 shares in the last quarter. Institutional investors and hedge funds own 69.28% of the company’s stock.

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About Bank of America

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.

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