Bank of America (NYSE:BAC) Trading Up 1.1% - Time to Buy?

Bank of America Corporation (NYSE:BAC)'s share price rose 1.1% on Friday . The company traded as high as $51.78 and last traded at $51.54. Approximately 43,655,110 shares traded hands during mid-day trading, an increase of 9% from the average daily volume of 40,191,203 shares. The stock had previously closed at $51.00.

Wall Street Analysts Forecast Growth

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BAC has been the topic of several recent analyst reports. Argus increased their target price on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Daiwa Capital Markets increased their price target on Bank of America from $54.00 to $58.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Bank of America in a report on Thursday, October 30th. Robert W. Baird upped their target price on Bank of America from $52.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, October 30th. Finally, Wells Fargo & Company lifted their price target on shares of Bank of America from $60.00 to $62.00 and gave the company an "overweight" rating in a research note on Monday, October 27th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.77.

Read Our Latest Stock Report on BAC

Bank of America Price Performance

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The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $376.37 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.99 and a beta of 1.34. The stock has a 50 day moving average price of $51.74 and a 200-day moving average price of $48.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $27.05 billion. During the same period in the prior year, the company earned $0.81 EPS. The firm's revenue was up 10.8% compared to the same quarter last year. On average, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

• Big Banks Are Setting the Tone as Earnings Season Kicks Off

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, December 5th. Bank of America's dividend payout ratio (DPR) is currently 30.52%.

Institutional Trading of Bank of America

Hedge funds have recently bought and sold shares of the business. Nova Wealth Management Inc. boosted its stake in Bank of America by 75.2% during the second quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider's stock worth $25,000 after buying an additional 227 shares during the last quarter. Quaker Wealth Management LLC raised its holdings in shares of Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider's stock worth $25,000 after acquiring an additional 880 shares during the period. Wiser Advisor Group LLC purchased a new position in shares of Bank of America during the 3rd quarter worth $27,000. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the 2nd quarter valued at about $28,000. Finally, Steph & Co. grew its holdings in shares of Bank of America by 224.3% in the third quarter. Steph & Co. now owns 548 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 379 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

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.

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