Bank of America Corp (NYSE:BAC) Short Interest Up 8.5% in June

Bank of America Corp (NYSE:BAC) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 78,219,300 shares, an increase of 8.5% from the May 15th total of 72,123,300 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 51,460,000 shares, the short-interest ratio is presently 1.5 days.

Bank of America stock traded down $0.08 during trading hours on Friday, reaching $29.40. The stock had a trading volume of 44,835,952 shares, compared to its average volume of 43,968,328. Bank of America has a 52 week low of $22.66 and a 52 week high of $31.91. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $279.54 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 1.17 and a beta of 1.53. The stock has a 50 day moving average of $28.47.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. Bank of America had a net margin of 25.52% and a return on equity of 11.95%. The firm had revenue of $23.10 billion for the quarter, compared to the consensus estimate of $23.13 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America will post 2.82 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.15 dividend. The ex-dividend date was Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a yield of 2.04%. Bank of America’s dividend payout ratio is currently 22.99%.

Bank of America announced that its Board of Directors has approved a share buyback plan on Thursday, June 27th that permits the company to repurchase $30.90 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. boosted its stake in Bank of America by 16.6% in the fourth quarter. Advisors Asset Management Inc. now owns 384,067 shares of the financial services provider’s stock valued at $9,463,000 after acquiring an additional 54,603 shares during the last quarter. Mizuho Securities USA LLC purchased a new position in Bank of America in the fourth quarter valued at about $394,000. Bridgeworth LLC boosted its stake in Bank of America by 24.5% in the fourth quarter. Bridgeworth LLC now owns 13,199 shares of the financial services provider’s stock valued at $274,000 after acquiring an additional 2,599 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in Bank of America by 3.1% in the fourth quarter. Pinnacle Associates Ltd. now owns 691,740 shares of the financial services provider’s stock valued at $17,044,000 after acquiring an additional 21,005 shares during the last quarter. Finally, SNS Financial Group LLC boosted its stake in Bank of America by 49.8% in the fourth quarter. SNS Financial Group LLC now owns 16,031 shares of the financial services provider’s stock valued at $395,000 after acquiring an additional 5,329 shares during the last quarter. Hedge funds and other institutional investors own 68.20% of the company’s stock.

BAC has been the topic of several recent analyst reports. JPMorgan Chase & Co. started coverage on shares of Pinduoduo in a research report on Tuesday, July 9th. They set an “underweight” rating and a $20.48 price objective on the stock. Oppenheimer set a $15.00 price target on shares of Strongbridge Biopharma and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Berenberg Bank cut shares of to a “hold” rating and reduced their price target for the stock from GBX 283 ($3.70) to GBX 103 ($1.35) in a research report on Monday, June 17th. HSBC reaffirmed a “hold” rating on shares of Societe Generale in a research note on Thursday, April 4th. Finally, ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $32.52.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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