Bank of America (NYSE:BAC) Trading Down 0.4% – Here’s What Happened

Shares of Bank of America Co. (NYSE:BAC) were down 0.4% during mid-day trading on Thursday . The company traded as low as $42.14 and last traded at $42.15. Approximately 3,835,452 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 38,329,820 shares. The stock had previously closed at $42.31.

Analyst Ratings Changes

BAC has been the topic of a number of recent analyst reports. Phillip Securities upgraded shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 price objective on the stock in a report on Friday, October 18th. Cfra reaffirmed a “sell” rating and set a $39.00 price target on shares of Bank of America in a research report on Tuesday, July 16th. Oppenheimer boosted their price objective on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. Finally, Jefferies Financial Group increased their target price on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Bank of America Stock Performance

The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The stock has a market cap of $325.13 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 1.42 and a beta of 1.33. The stock’s fifty day moving average is $40.44 and its 200-day moving average is $39.73.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.90 EPS. On average, analysts forecast that Bank of America Co. will post 3.26 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Bank of America’s dividend payout ratio is currently 37.82%.

Bank of America announced that its board has approved a stock repurchase plan on Wednesday, July 24th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total value of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $39.65, for a total transaction of $199,638,463.70. Following the transaction, the insider now directly owns 928,460,939 shares in the company, valued at approximately $36,813,476,231.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,078,718 shares of company stock valued at $4,548,920,425. Company insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. McAdam LLC increased its position in Bank of America by 2.1% during the second quarter. McAdam LLC now owns 11,434 shares of the financial services provider’s stock worth $455,000 after buying an additional 238 shares during the last quarter. Integrity Financial Corp WA increased its holdings in shares of Bank of America by 1.6% during the 3rd quarter. Integrity Financial Corp WA now owns 14,875 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 240 shares during the last quarter. BTC Capital Management Inc. increased its holdings in shares of Bank of America by 1.2% during the 2nd quarter. BTC Capital Management Inc. now owns 20,248 shares of the financial services provider’s stock worth $805,000 after acquiring an additional 248 shares during the last quarter. Central Bank & Trust Co. raised its stake in Bank of America by 15.1% in the 2nd quarter. Central Bank & Trust Co. now owns 1,892 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 248 shares during the period. Finally, SNS Financial Group LLC lifted its holdings in Bank of America by 3.3% during the 2nd quarter. SNS Financial Group LLC now owns 7,783 shares of the financial services provider’s stock valued at $310,000 after purchasing an additional 248 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.