Bank of America Co. (BAC) To Go Ex-Dividend on December 6th

Bank of America Co. (NYSE:BAC) announced a quarterly dividend on Wednesday, October 16th,RTT News reports. Shareholders of record on Friday, December 6th will be given a dividend of 0.26 per share by the financial services provider on Friday, December 27th. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, December 6th.

Bank of America has increased its dividend payment by an average of 8.5% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. Bank of America has a payout ratio of 28.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Bank of America to earn $3.65 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 28.5%.

Bank of America Stock Performance

Shares of BAC opened at $46.79 on Wednesday. The stock has a 50 day moving average of $43.31 and a 200 day moving average of $41.12. The company has a market capitalization of $359.01 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.59 and a beta of 1.33. Bank of America has a 12 month low of $30.33 and a 12 month high of $48.08. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The company had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a net margin of 12.48% and a return on equity of 10.09%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. As a group, sell-side analysts forecast that Bank of America will post 3.27 earnings per share for the current year.

Insider Activity at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 5,031,014 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $40.28, for a total transaction of $202,649,243.92. Following the transaction, the insider now directly owns 863,977,599 shares of the company’s stock, valued at approximately $34,801,017,687.72. This trade represents a 0.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 61,976,277 shares of company stock valued at $2,503,269,682 over the last three months. 0.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler raised their target price on Bank of America from $44.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday. Keefe, Bruyette & Woods upped their price objective on shares of Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday. Wells Fargo & Company lifted their target price on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Citigroup upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the company from $46.00 to $54.00 in a research note on Friday, November 8th. Finally, Barclays lifted their price objective on shares of Bank of America from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average target price of $45.57.

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.