Annex Advisory Services LLC Has $2.99 Million Stock Position in Bank of America Co. (NYSE:BAC)

Annex Advisory Services LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 766.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,618 shares of the financial services provider's stock after purchasing an additional 63,351 shares during the period. Annex Advisory Services LLC's holdings in Bank of America were worth $2,989,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Diligent Investors LLC boosted its position in shares of Bank of America by 1.3% during the 1st quarter. Diligent Investors LLC now owns 67,589 shares of the financial services provider's stock valued at $2,821,000 after purchasing an additional 852 shares in the last quarter. Fermata Advisors LLC boosted its position in shares of Bank of America by 115.6% during the 1st quarter. Fermata Advisors LLC now owns 14,083 shares of the financial services provider's stock valued at $588,000 after purchasing an additional 7,550 shares in the last quarter. HF Advisory Group LLC boosted its position in shares of Bank of America by 5.4% during the 1st quarter. HF Advisory Group LLC now owns 20,116 shares of the financial services provider's stock valued at $839,000 after purchasing an additional 1,023 shares in the last quarter. Bay Rivers Group boosted its position in shares of Bank of America by 4.2% during the 1st quarter. Bay Rivers Group now owns 13,816 shares of the financial services provider's stock valued at $577,000 after purchasing an additional 560 shares in the last quarter. Finally, Secure Asset Management LLC boosted its position in shares of Bank of America by 538.8% during the 1st quarter. Secure Asset Management LLC now owns 64,211 shares of the financial services provider's stock valued at $2,680,000 after purchasing an additional 54,159 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BAC shares. Cowen started coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Argus reduced their price objective on shares of 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. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. TD Cowen started coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. Finally, Citigroup decreased their target price 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, seventeen have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.01 during trading on Thursday, reaching $44.35. The stock had a trading volume of 31,976,923 shares, compared to its average volume of 39,753,567. The stock has a fifty day simple moving average of $40.59 and a two-hundred day simple moving average of $43.52. The firm has a market capitalization of $334.05 billion, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.34%. Bank of America's payout ratio is 30.95%.

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.