Risk-off mood drags Bank of America 3.97% lower

Published: March 19 2023, 12:30 GMT+0

Risk-off mood drags Bank of America 3.97% lower

Friday at a glance: during Friday's session, Bank of America toiled and struggled for upward momentum before closing at $27.82. By the close, the the giant US bank suffered a $1.15 or 3.97% loss.

  • Daily trading volume (129 million shares) increased, making up 246% of the 21-day average (52.36 million).
  • Bank of America's board sets quarterly dividend of 22 cents per share to be paid on Friday, March 31st; annual dividend yield esimated at 3.16%.

Friday's closing bell ended a trading session in which S&P 500 draws back 1.1% before ending the session at 3,916.64. Bank of America was down Friday while similar drops were seen throughout the Financial Services sector (down 1.02%).

The bank and financial holding company is up 1.61% from the significant low of $28.51 it hit 6 days ago. So far this year, it has been under-performing the S&P 500 by 15.52%. Currently, the giant US bank has a market capitalization of $222.54 billion with an average daily volume of 52.36 million shares. Bank of America expected revenue of $24.33 billion with an EPS of 76 cents.

Bank of America's board declared a dividend of 22 cents per share on Wednesday, February 1st for all shareholders on record up until Friday, March 3rd. The decision means shareholders will receive a dividend yield of 3.16% this year with the payment set to be made on Friday, March 31st.

Bank of America was not the only decliner in the financials sector; HSBC Holdings lost 4.09% Friday and closed at $33.08. Berkshire Hathaway went down 2.81%, closed at $302. JP Morgan Chase went down 3.78%, closed at $130.75.