Bank of America Corporation (BAC) Sees Significant Growth in Short Interest

Bank of America Corporation (NYSE:BAC) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 128,023,040 shares, a growth of 12.1% from the October 13th total of 114,176,728 shares. Based on an average daily volume of 64,279,068 shares, the days-to-cover ratio is currently 2.0 days. Approximately 1.3% of the company’s stock are short sold.

Shares of Bank of America Corporation (NYSE:BAC) opened at $26.40 on Tuesday. Bank of America Corporation has a 52-week low of $19.40 and a 52-week high of $27.98. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.90. The stock has a market cap of $276,515.47, a price-to-earnings ratio of 15.15, a P/E/G ratio of 1.84 and a beta of 1.31.

Bank of America Corporation (NYSE:BAC) last posted its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.02. The firm had revenue of $22.08 billion for the quarter, compared to the consensus estimate of $22.07 billion. Bank of America Corporation had a net margin of 20.66% and a return on equity of 8.33%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. equities analysts forecast that Bank of America Corporation will post 1.8 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Thursday, November 30th. Bank of America Corporation’s dividend payout ratio is 27.43%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Henderson Group PLC boosted its holdings in shares of Bank of America Corporation by 30.7% in the 1st quarter. Henderson Group PLC now owns 1,979,505 shares of the financial services provider’s stock worth $46,706,000 after buying an additional 465,517 shares during the last quarter. HPM Partners LLC boosted its holdings in shares of Bank of America Corporation by 682.6% in the 1st quarter. HPM Partners LLC now owns 97,823 shares of the financial services provider’s stock worth $2,308,000 after buying an additional 85,323 shares during the last quarter. Pekin Singer Strauss Asset Management IL boosted its holdings in shares of Bank of America Corporation by 12.2% in the 1st quarter. Pekin Singer Strauss Asset Management IL now owns 27,640 shares of the financial services provider’s stock worth $652,000 after buying an additional 3,000 shares during the last quarter. Terra Nova Asset Management LLC boosted its holdings in shares of Bank of America Corporation by 216.9% in the 1st quarter. Terra Nova Asset Management LLC now owns 141,165 shares of the financial services provider’s stock worth $3,330,000 after buying an additional 96,615 shares during the last quarter. Finally, NTV Asset Management LLC boosted its holdings in shares of Bank of America Corporation by 3.7% in the 1st quarter. NTV Asset Management LLC now owns 28,212 shares of the financial services provider’s stock worth $665,000 after buying an additional 1,000 shares during the last quarter. 62.19% of the stock is currently owned by hedge funds and other institutional investors.

BAC has been the topic of several analyst reports. J P Morgan Chase & Co upped their price target on shares of Bank of America Corporation from $27.50 to $28.50 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Robert W. Baird reaffirmed a “hold” rating and set a $24.00 price target on shares of Bank of America Corporation in a research report on Friday, August 25th. UBS AG set a $27.00 price target on shares of Bank of America Corporation and gave the stock a “hold” rating in a research report on Monday, October 16th. Vetr raised shares of Bank of America Corporation from a “buy” rating to a “strong-buy” rating and set a $26.59 price objective on the stock in a research report on Wednesday, September 6th. Finally, Credit Suisse Group reissued an “outperform” rating on shares of Bank of America Corporation in a research report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have issued a buy rating and three have assigned a strong buy rating to the company. Bank of America Corporation currently has an average rating of “Buy” and a consensus price target of $25.82.

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About Bank of America Corporation

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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