Bank of America (NYSE:BAC) Shares Up 4.2% After Earnings Beat

Shares of Bank of America Co. (NYSE:BAC) traded up 4.2% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $38.75 and last traded at $38.21. 36,852,765 shares traded hands during trading, a decline of 6% from the average session volume of 39,231,248 shares. The stock had previously closed at $36.67.

The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a dividend of $0.26 per share. The ex-dividend date was Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.73%. Bank of America’s payout ratio is currently 32.30%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Oppenheimer upped their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Truist Financial dropped their price objective on shares of Bank of America from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, April 4th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their target price for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.31.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BAC. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in Bank of America during the 4th quarter worth $60,679,000. Arizona State Retirement System raised its holdings in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Keybank National Association OH lifted its position in shares of Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after acquiring an additional 38,258 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bank of America by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock worth $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 3.7 %

The stock has a 50-day moving average of $41.85 and a 200 day moving average of $43.66. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $289.16 billion, a P/E ratio of 11.81, a PEG ratio of 1.21 and a beta of 1.24.

Bank of America Company Profile

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.