Investors Sell Shares of Bank of America (BAC) on Strength (BAC)

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Investors sold shares of Bank of America Corp (NYSE:BAC) on strength during trading on Wednesday. $295.60 million flowed into the stock on the tick-up and $516.48 million flowed out of the stock on the tick-down, for a money net flow of $220.88 million out of the stock. Of all stocks tracked, Bank of America had the 6th highest net out-flow for the day. Bank of America traded up $0.72 for the day and closed at $27.50

Several research firms have recently weighed in on BAC. Wolfe Research began coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating for the company. BMO Capital Markets lifted their price objective on shares of Bank of America from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Tuesday, October 16th. Finally, ValuEngine lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $34.19.

The company has a market cap of $270.33 billion, a P/E ratio of 15.03, a price-to-earnings-growth ratio of 1.30 and a beta of 1.30. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.91.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Monday, October 15th. The financial services provider reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The business had revenue of $22.78 billion during the quarter, compared to analyst estimates of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. Bank of America’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.48 EPS. Equities analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.18%. Bank of America’s dividend payout ratio (DPR) is presently 32.79%.

In other Bank of America news, insider Catherine P. Bessant sold 15,820 shares of Bank of America stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $31.61, for a total transaction of $500,070.20. Following the transaction, the insider now directly owns 483,680 shares of the company’s stock, valued at approximately $15,289,124.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.10% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in shares of Bank of America by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 63,851,681 shares of the financial services provider’s stock worth $1,800,203,000 after buying an additional 8,925,474 shares during the last quarter. Lansdowne Partners UK LLP boosted its holdings in shares of Bank of America by 3.0% in the 2nd quarter. Lansdowne Partners UK LLP now owns 32,953,489 shares of the financial services provider’s stock worth $928,965,000 after buying an additional 954,047 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Bank of America by 7.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 31,597,712 shares of the financial services provider’s stock worth $890,740,000 after buying an additional 2,057,669 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Bank of America by 74.9% in the 2nd quarter. Janus Henderson Group PLC now owns 27,655,967 shares of the financial services provider’s stock worth $779,654,000 after buying an additional 11,842,467 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Bank of America by 5.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 26,618,462 shares of the financial services provider’s stock worth $750,376,000 after buying an additional 1,460,474 shares during the last quarter. 65.12% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Company Profile (NYSE:BAC)

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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