Short Interest in Bank of America Co. (NYSE:BAC) Expands By 11.7%

Bank of America Co. (NYSE:BAC) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 70,960,000 shares, a growth of 11.7% from the October 15th total of 63,530,000 shares. Based on an average daily volume of 44,400,000 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.9% of the shares of the stock are sold short.

Bank of America Trading Up 1.5 %

Shares of BAC stock traded up $0.44 during mid-day trading on Friday, reaching $29.98. The stock had a trading volume of 37,531,434 shares, compared to its average volume of 48,991,453. The firm has a market capitalization of $237.25 billion, a PE ratio of 8.40, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The stock’s 50-day moving average price is $27.38 and its two-hundred day moving average price is $28.58. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12. Bank of America has a 52-week low of $24.96 and a 52-week high of $37.87.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The company had revenue of $25.20 billion for the quarter, compared to the consensus estimate of $25.13 billion. During the same quarter in the previous year, the business earned $0.81 EPS. Bank of America’s revenue was up 2.8% compared to the same quarter last year. Equities analysts expect that Bank of America will post 3.46 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is 26.89%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BAC. FNY Investment Advisers LLC grew its holdings in shares of Bank of America by 75.9% during the 2nd quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 397 shares during the period. Marquette Asset Management LLC raised its holdings in Bank of America by 333.2% in the second quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 733 shares in the last quarter. Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the period. Castleview Partners LLC bought a new stake in shares of Bank of America during the 1st quarter valued at $28,000. Finally, Global Trust Asset Management LLC grew its position in shares of Bank of America by 45.7% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock worth $30,000 after buying an additional 325 shares during the period. 68.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on BAC. Morgan Stanley decreased their price target on shares of Bank of America from $34.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 3rd. StockNews.com assumed coverage on Bank of America in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $29.00 to $30.00 in a research note on Monday, November 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $35.00 price objective on shares of Bank of America in a report on Tuesday, September 12th. Finally, Evercore ISI decreased their price objective on Bank of America from $35.00 to $33.00 in a report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America has an average rating of “Hold” and a consensus target price of $35.54.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.