Bank of America (BAC) Reaches New 52-Week High at $30.67

Bank of America Corp (NYSE:BAC)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.67 and last traded at $30.71, with a volume of 33348728 shares trading hands. The stock had previously closed at $30.27.

Several research firms have recently issued reports on BAC. 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 note on Wednesday. Robert W. Baird reaffirmed a “hold” rating and set a $24.00 price target on shares of Bank of America in a research note on Sunday, October 1st. Barclays raised their price target on shares of Bank of America from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Societe Generale downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Deutsche Bank reaffirmed a “hold” rating and set a $25.00 price target (up previously from $23.00) on shares of Bank of America in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $27.56.

The firm has a market capitalization of $319,690.00, a P/E ratio of 17.82, a price-to-earnings-growth ratio of 1.71 and a beta of 1.32. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.90 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Bank of America had a net margin of 20.66% and a return on equity of 8.33%. The firm had revenue of $22.08 billion for the quarter, compared to analyst estimates of $22.07 billion. During the same period last year, the firm earned $0.41 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. equities analysts forecast that Bank of America Corp will post 1.79 EPS for the current fiscal year.

The firm also recently disclosed 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 dividend yield of 1.57%. The ex-dividend date was Thursday, November 30th. Bank of America’s dividend payout ratio (DPR) is 27.91%.

Bank of America declared that its board has authorized a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Several institutional investors have recently added to or reduced their stakes in BAC. Kovitz Investment Group Partners LLC lifted its stake in shares of Bank of America by 0.5% in the first quarter. Kovitz Investment Group Partners LLC now owns 3,080,200 shares of the financial services provider’s stock valued at $72,662,000 after buying an additional 14,430 shares in the last quarter. Green Square Capital LLC lifted its position in shares of Bank of America by 4.1% during the first quarter. Green Square Capital LLC now owns 46,041 shares of the financial services provider’s stock valued at $1,086,000 after purchasing an additional 1,801 shares in the last quarter. Lowe Brockenbrough & Co. Inc. lifted its position in shares of Bank of America by 33.6% during the first quarter. Lowe Brockenbrough & Co. Inc. now owns 18,303 shares of the financial services provider’s stock valued at $432,000 after purchasing an additional 4,603 shares in the last quarter. McQueen Ball & Associates Inc. lifted its position in shares of Bank of America by 2.6% during the second quarter. McQueen Ball & Associates Inc. now owns 29,131 shares of the financial services provider’s stock valued at $707,000 after purchasing an additional 750 shares in the last quarter. Finally, Stillwater Investment Management LLC lifted its position in shares of Bank of America by 0.3% during the second quarter. Stillwater Investment Management LLC now owns 103,671 shares of the financial services provider’s stock valued at $2,515,000 after purchasing an additional 323 shares in the last quarter. 68.43% of the stock is currently owned by hedge funds and other institutional investors.

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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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