Mechanics Bank Trust Department lifted its position in Bank of America Co. (NYSE:BAC - Free Report) by 22.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,752 shares of the financial services provider's stock after acquiring an additional 6,854 shares during the period. Mechanics Bank Trust Department's holdings in Bank of America were worth $1,575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently made changes to their positions in the company. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at $25,000. Life Planning Partners Inc grew its position 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 worth $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter worth about $29,000. Finally, Vega Investment Solutions acquired a new stake in Bank of America during the 4th quarter worth about $30,000. 70.71% of the stock is owned by institutional investors and hedge funds.
Bank of America Price Performance
BAC traded down $0.09 during trading on Monday, reaching $44.04. The company's stock had a trading volume of 28,393,183 shares, compared to its average volume of 39,749,616. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $40.46 and a two-hundred day simple moving average of $43.53. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The company 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 released its 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 business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on the company. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. TD Cowen assumed coverage on 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. Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and raised their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Finally, Barclays dropped their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.
Get Our Latest Stock Report on Bank of America
Bank of America Profile
(
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.
Featured Articles
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
