Bank of America Corp (BAC) Short Interest Update

Bank of America Corp (NYSE:BAC) was the recipient of a significant drop in short interest in June. As of June 15th, there was short interest totalling 112,248,681 shares, a drop of 12.9% from the May 31st total of 128,834,868 shares. Based on an average daily trading volume, of 63,405,102 shares, the short-interest ratio is currently 1.8 days. Currently, 1.1% of the shares of the stock are short sold.

A number of brokerages have weighed in on BAC. Barclays raised their target price on shares of Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 17th. Vetr lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $34.13 target price on the stock. in a research report on Monday, March 12th. Vining Sparks began coverage on shares of Bank of America in a research report on Monday, April 16th. They issued a “buy” rating and a $35.00 target price on the stock. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $35.00 price target on shares of Bank of America in a report on Thursday, April 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $34.00 price target on shares of Bank of America in a report on Tuesday, April 17th. Nine analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $32.13.

Shares of NYSE BAC opened at $28.67 on Friday. Bank of America has a twelve month low of $22.75 and a twelve month high of $33.05. The firm has a market cap of $292.35 billion, a P/E ratio of 15.67, a PEG ratio of 1.41 and a beta of 1.34. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.

Bank of America (NYSE:BAC) last announced its earnings results on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.03. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The business had revenue of $23.10 billion during the quarter, compared to the consensus estimate of $23.04 billion. During the same quarter last year, the firm earned $0.41 earnings per share. Bank of America’s quarterly revenue was up 4.1% on a year-over-year basis. research analysts predict that Bank of America will post 2.53 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Thursday, May 31st. Bank of America’s dividend payout ratio is presently 26.23%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealthfront Inc. increased its stake in Bank of America by 5.3% in the first quarter. Wealthfront Inc. now owns 503,392 shares of the financial services provider’s stock valued at $15,097,000 after purchasing an additional 25,141 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Bank of America by 8.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,221,413 shares of the financial services provider’s stock valued at $65,577,000 after purchasing an additional 172,082 shares in the last quarter. Putnam FL Investment Management Co. increased its stake in Bank of America by 2.8% in the fourth quarter. Putnam FL Investment Management Co. now owns 237,091 shares of the financial services provider’s stock valued at $6,999,000 after purchasing an additional 6,526 shares in the last quarter. Coe Capital Management LLC bought a new stake in Bank of America in the fourth quarter valued at $224,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in Bank of America by 0.7% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,742,215 shares of the financial services provider’s stock valued at $51,918,000 after purchasing an additional 11,564 shares in the last quarter. 67.02% of the stock is owned by institutional investors and hedge funds.

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

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