Analyst IMS Investment Management Services Ltd. grew its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 59.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,219 shares of the financial services provider's stock after purchasing an additional 19,509 shares during the quarter. Analyst IMS Investment Management Services Ltd.'s holdings in Bank of America were worth $2,179,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Avalon Trust Co grew its stake in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC lifted its holdings in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. TAGStone Capital Inc. boosted its position in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after purchasing an additional 227 shares during the period. Hayek Kallen Investment Management increased its holdings in Bank of America by 2.0% in the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock valued at $528,000 after purchasing an additional 233 shares in the last quarter. Finally, Proactive Wealth Strategies LLC raised its position in Bank of America by 3.9% in the fourth quarter. Proactive Wealth Strategies LLC now owns 6,329 shares of the financial services provider's stock valued at $278,000 after purchasing an additional 237 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.
Bank of America Stock Performance
Shares of NYSE BAC traded up $0.79 during trading on Thursday, reaching $45.02. The stock had a trading volume of 37,676,876 shares, compared to its average volume of 39,791,457. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock has a market cap of $339.09 billion, a PE ratio of 13.40, a P/E/G ratio of 1.22 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The firm's 50 day moving average price is $42.17 and its two-hundred day moving average price is $43.34.
Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, research analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America's dividend payout ratio (DPR) is 30.95%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on BAC shares. Argus decreased their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. UBS Group increased their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price on the stock. Finally, Citigroup lowered their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.69.
View Our Latest Stock Report on BAC
About Bank of America
(
Free Report)
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.
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