Iowa State Bank Increases Stock Position in Bank of America Co. (NYSE:BAC)

Iowa State Bank increased its stake in Bank of America Co. (NYSE:BAC - Free Report) by 6.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 96,036 shares of the financial services provider's stock after purchasing an additional 6,020 shares during the quarter. Iowa State Bank's holdings in Bank of America were worth $4,008,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Collier Financial purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Life Planning Partners Inc increased its holdings in Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC purchased a new position in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions purchased a new position in Bank of America during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on BAC. Citigroup dropped 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. Keefe, Bruyette & Woods dropped their target price on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Finally, Royal Bank of Canada lowered their price target on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Down 0.2%

Bank of America stock traded down $0.09 during trading on Monday, reaching $44.04. 28,393,183 shares of the company's stock were exchanged, compared to its average volume of 39,749,616. The company's 50-day moving average is $40.46 and its two-hundred day moving average is $43.53. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The firm has a market cap of $331.69 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. On average, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. Bank of America's dividend payout ratio (DPR) 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.