Traders Sell Bank of America (BAC) on Strength (BAC)

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Traders sold shares of Bank of America Corp (NYSE:BAC) on strength during trading hours on Thursday. $188.41 million flowed into the stock on the tick-up and $280.27 million flowed out of the stock on the tick-down, for a money net flow of $91.86 million out of the stock. Of all companies tracked, Bank of America had the 0th highest net out-flow for the day. Bank of America traded up $0.33 for the day and closed at $28.87

BAC has been the subject of a number of recent analyst reports. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research report on Thursday. Wolfe Research initiated coverage on Bank of America in a research report on Tuesday, September 25th. They set an “outperform” rating for the company. Finally, BMO Capital Markets raised their price objective on Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 16th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $34.63.

The stock has a market cap of $292.35 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 1.40 and a beta of 1.31. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.98.

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

The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.10%. The ex-dividend date is Thursday, December 6th. Bank of America’s dividend payout ratio is currently 32.79%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAC. Cardinal Capital Management Inc. acquired a new position in shares of Bank of America during the third quarter worth about $106,000. CSat Investment Advisory L.P. acquired a new position in shares of Bank of America during the second quarter worth about $103,000. Quad Cities Investment Group LLC acquired a new position in shares of Bank of America during the second quarter worth about $112,000. Arlington Partners LLC acquired a new position in shares of Bank of America during the third quarter worth about $118,000. Finally, Whitnell & Co. acquired a new position in shares of Bank of America during the second quarter worth about $134,000. 65.06% of the stock is owned by institutional investors.

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About Bank of America (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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