Bank of America Corp. (NYSE:BAC) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 94,237,405 shares, a decline of 16.5% from the August 31st total of 112,910,449 shares. Approximately 0.9% of the company’s shares are sold short. Based on an average trading volume of 93,660,696 shares, the short-interest ratio is presently 1.0 days.
In related news, Director Thomas D. Woods purchased 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were acquired at an average price of $14.13 per share, for a total transaction of $353,250.00. Following the completion of the acquisition, the director now directly owns 32,459 shares in the company, valued at approximately $458,645.67. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.18% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Bank of America Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 610,454,858 shares of the financial services provider’s stock valued at $8,100,737,000 after buying an additional 9,325,426 shares during the period. Dodge & Cox raised its stake in Bank of America Corp. by 2.9% in the second quarter. Dodge & Cox now owns 221,999,832 shares of the financial services provider’s stock valued at $2,945,938,000 after buying an additional 6,195,899 shares during the period. BlackRock Fund Advisors raised its stake in Bank of America Corp. by 1.5% in the second quarter. BlackRock Fund Advisors now owns 117,819,710 shares of the financial services provider’s stock valued at $1,563,468,000 after buying an additional 1,733,139 shares during the period. BlackRock Group LTD raised its stake in Bank of America Corp. by 0.8% in the second quarter. BlackRock Group LTD now owns 88,018,459 shares of the financial services provider’s stock valued at $1,168,005,000 after buying an additional 729,179 shares during the period. Finally, Geode Capital Management LLC raised its stake in Bank of America Corp. by 1.5% in the first quarter. Geode Capital Management LLC now owns 87,569,260 shares of the financial services provider’s stock valued at $1,181,634,000 after buying an additional 1,269,999 shares during the period. Hedge funds and other institutional investors own 60.68% of the company’s stock.
BAC has been the subject of several recent research reports. Robert W. Baird raised Bank of America Corp. from a “neutral” rating to an “outperform” rating in a research report on Thursday, August 25th. Vetr raised Bank of America Corp. from a “hold” rating to a “buy” rating and set a $16.56 price objective for the company in a research report on Monday, August 29th. Goldman Sachs Group Inc. reissued a “conviction-buy” rating and set a $17.00 price objective on shares of Bank of America Corp. in a research report on Friday, August 26th. Macquarie raised Bank of America Corp. from an “underperform” rating to a “neutral” rating in a research report on Thursday, August 25th. Finally, Credit Agricole SA raised their price objective on Bank of America Corp. from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Friday, September 23rd. Nine research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $24.82.
Shares of Bank of America Corp. (NYSE:BAC) opened at 15.65 on Friday. The stock’s 50 day moving average price is $15.54 and its 200 day moving average price is $14.39. Bank of America Corp. has a one year low of $10.99 and a one year high of $18.09. The stock has a market capitalization of $164.58 billion, a PE ratio of 13.12 and a beta of 1.67.
Bank of America Corp. (NYSE:BAC) last announced its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Bank of America Corp. had a return on equity of 6.23% and a net margin of 16.31%. The firm earned $20.60 million during the quarter, compared to analysts’ expectations of $20.41 billion. During the same period last year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was down 7.2% compared to the same quarter last year. Equities research analysts predict that Bank of America Corp. will post $1.26 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 2nd were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.92%. This is a boost from Bank of America Corp.’s previous quarterly dividend of $0.05. The ex-dividend date was Wednesday, August 31st. Bank of America Corp.’s dividend payout ratio (DPR) is presently 24.59%.
About Bank of America Corp.
Bank of America Corporation is a bank holding and financial holding company. The Company is a financial institution, serving individual consumers, small- and middle-market businesses, institutional investors, corporations and governments with various banking, investing, asset management and other financial and risk management products and services.
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