Bank of America Co. (NYSE:BAC) Sees Large Growth in Short Interest

Bank of America Co. (NYSE:BAC) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 67,790,000 shares, an increase of 7.6% from the February 29th total of 63,000,000 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average daily volume of 39,990,000 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. Wells Fargo & Company lifted their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Oppenheimer dropped their price objective on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. HSBC reissued a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Barclays lifted their price objective on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.15.

Read Our Latest Analysis on Bank of America

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC lifted its holdings in shares of Bank of America by 108,111.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock worth $6,397,725,000 after buying an additional 192,989,515 shares during the period. Norges Bank purchased a new stake in shares of Bank of America in the 4th quarter worth $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after buying an additional 29,198,846 shares during the period. Barclays PLC lifted its holdings in shares of Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the period. Finally, Snider Financial Group lifted its holdings in shares of Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after buying an additional 14,297,496 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE:BAC opened at $37.52 on Tuesday. The company has a market cap of $296.06 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.75 and a beta of 1.39. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $34.70 and its two-hundred day simple moving average is $31.45. Bank of America has a 1 year low of $24.96 and a 1 year high of $38.35.

Bank of America (NYSE:BACGet Free Report) last released its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.85 EPS. As a group, equities analysts anticipate that Bank of America will post 3.1 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Bank of America Company Profile

(Get Free Report)

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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