Short Interest in Bank of America Co. (NYSE:BAC) Drops By 8.1%

Bank of America Co. (NYSE:BAC) was the recipient of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 74,690,000 shares, a decrease of 8.1% from the November 15th total of 81,280,000 shares. Based on an average daily volume of 35,600,000 shares, the short-interest ratio is presently 2.1 days. Currently, 1.0% of the shares of the stock are short sold.

Bank of America Stock Down 0.9 %

Shares of Bank of America stock opened at $45.67 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.09. The company has a market cap of $350.42 billion, a P/E ratio of 16.61, a PEG ratio of 1.56 and a beta of 1.33. The firm’s 50 day moving average price is $44.39 and its 200-day moving average price is $41.51. Bank of America has a 52-week low of $31.27 and a 52-week high of $48.08.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.28%. Bank of America’s payout ratio is 37.82%.

Insider Transactions at Bank of America

In related news, major shareholder Berkshire Hathaway Inc sold 1,722,523 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $39.40, for a total value of $67,867,406.20. Following the transaction, the insider now directly owns 794,120,913 shares of the company’s stock, valued at approximately $31,288,363,972.20. The trade was a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 55,223,897 shares of company stock valued at $2,232,505,985 over the last three months. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Bank of America

Several hedge funds have recently modified their holdings of the stock. Two Sigma Advisers LP increased its stake in Bank of America by 31,021.6% during the 3rd quarter. Two Sigma Advisers LP now owns 10,207,900 shares of the financial services provider’s stock valued at $405,049,000 after purchasing an additional 10,175,100 shares in the last quarter. 1832 Asset Management L.P. increased its position in shares of Bank of America by 1,432.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 6,151,042 shares of the financial services provider’s stock valued at $244,627,000 after acquiring an additional 5,749,567 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in Bank of America by 193.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 7,608,305 shares of the financial services provider’s stock worth $301,898,000 after acquiring an additional 5,015,378 shares during the last quarter. International Assets Investment Management LLC raised its stake in Bank of America by 3,550.7% in the 3rd quarter. International Assets Investment Management LLC now owns 4,547,788 shares of the financial services provider’s stock worth $1,804,560,000 after acquiring an additional 4,423,215 shares during the last quarter. Finally, D1 Capital Partners L.P. purchased a new stake in Bank of America during the 3rd quarter valued at about $174,858,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on BAC. Deutsche Bank Aktiengesellschaft raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Tuesday, September 3rd. Wells Fargo & Company raised their price target on Bank of America from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Evercore ISI increased their target price on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley cut shares of Bank of America from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $48.00 to $55.00 in a research report on Monday, December 9th. Finally, Piper Sandler increased their price target on Bank of America from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.92.

About Bank of America

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.