Bank of America Sees Unusually High Options Volume (NYSE:BAC)

Bank of America Co. (NYSE:BAC) saw unusually large options trading activity on Wednesday. Stock traders acquired 512,516 call options on the stock. This is an increase of approximately 112% compared to the average daily volume of 242,042 call options.

Insider Transactions at Bank of America

In other Bank of America news, major shareholder Of America Corp /De/ Bank acquired 5,398 shares of the stock in a transaction that occurred on Wednesday, December 27th. The stock was acquired at an average price of $10.56 per share, with a total value of $57,002.88. Following the transaction, the insider now directly owns 5,398 shares in the company, valued at $57,002.88. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Several large investors have recently modified their holdings of BAC. Moneta Group Investment Advisors LLC raised its position in shares of Bank of America by 108,111.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after purchasing an additional 192,989,515 shares during the period. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter valued at about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares in the last quarter. Barclays PLC grew its stake in Bank of America by 97.3% during the third 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 in the last quarter. Finally, Snider Financial Group grew its stake in Bank of America by 9,477.3% during the first 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 in the last quarter. 68.06% of the stock is owned by institutional investors.

Bank of America Price Performance

BAC traded up $0.05 during midday trading on Wednesday, hitting $34.33. The company had a trading volume of 39,541,238 shares, compared to its average volume of 40,965,422. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $270.23 billion, a PE ratio of 11.18, a P/E/G ratio of 1.53 and a beta of 1.39. Bank of America has a twelve month low of $24.96 and a twelve month high of $35.10. The firm’s 50-day simple moving average is $33.44 and its 200-day simple moving average is $30.32.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. Bank of America’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.85 EPS. Equities research analysts predict that Bank of America will post 3.14 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.80%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is currently 31.27%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. BMO Capital Markets cut their price target on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. The Goldman Sachs Group upped their price objective on shares of Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, December 1st. Barclays upped their price objective on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $29.00 to $30.00 in a research note on Monday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $35.53.

View Our Latest Research Report on Bank of America

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.

Further Reading

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.