Shares of Bank of America Corp (NYSE:BAC) reached a new 52-week high on Wednesday . The company traded as high as $30.67 and last traded at $30.71, with a volume of 33348728 shares traded. The stock had previously closed at $30.27.
A number of analysts have recently weighed in on the stock. Societe Generale downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday. Vetr downgraded shares of Bank of America from a “strong-buy” rating to a “buy” rating and set a $33.89 price target for the company. in a research report on Wednesday. BMO Capital Markets reissued a “hold” rating and set a $31.00 price target on shares of Bank of America in a research report on Monday. Zacks Investment Research raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Tuesday, January 2nd. Finally, Instinet decreased their price target on shares of Bank of America from $37.00 to $30.00 in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $29.14.
The firm has a market capitalization of $319,800.00, a price-to-earnings ratio of 17.83, a P/E/G ratio of 1.71 and a beta of 1.32. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 1st were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, November 30th. Bank of America’s payout ratio is 27.91%.
Bank of America announced that its board has initiated a share repurchase plan 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of hedge funds have recently bought and sold shares of BAC. Janus Henderson Group PLC lifted its stake in Bank of America by 587.0% in the second quarter. Janus Henderson Group PLC now owns 13,598,678 shares of the financial services provider’s stock valued at $329,911,000 after buying an additional 11,619,173 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Bank of America by 27.8% in the second quarter. The Manufacturers Life Insurance Company now owns 44,136,977 shares of the financial services provider’s stock valued at $1,070,762,000 after buying an additional 9,612,342 shares during the last quarter. Vanguard Group Inc. lifted its stake in Bank of America by 1.4% in the second quarter. Vanguard Group Inc. now owns 661,494,339 shares of the financial services provider’s stock valued at $16,047,853,000 after buying an additional 9,117,007 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in Bank of America by 52.4% in the second quarter. Parametric Portfolio Associates LLC now owns 24,012,218 shares of the financial services provider’s stock valued at $582,536,000 after buying an additional 8,261,288 shares during the last quarter. Finally, Investec Asset Management LTD lifted its stake in Bank of America by 68.6% in the second quarter. Investec Asset Management LTD now owns 17,772,325 shares of the financial services provider’s stock valued at $431,157,000 after buying an additional 7,231,615 shares during the last quarter. Institutional investors own 68.43% of the company’s stock.
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Bank of America Company Profile
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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