Procyon Advisors LLC Acquires 18,998 Shares of Bank of America Co. (NYSE:BAC)

Procyon Advisors LLC grew its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 32.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 77,040 shares of the financial services provider's stock after acquiring an additional 18,998 shares during the period. Procyon Advisors LLC's holdings in Bank of America were worth $3,215,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BAC. Collier Financial purchased a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Life Planning Partners Inc boosted its holdings in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America during the fourth quarter worth $30,000. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Bank of America stock traded up $0.63 during midday trading on Friday, reaching $45.01. 36,995,447 shares of the company's stock were exchanged, compared to its average volume of 39,746,970. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The stock's 50-day simple moving average is $40.64 and its 200 day simple moving average is $43.51.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued 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 payout ratio is 30.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BAC shares. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective on the stock. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Evercore ISI dropped their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Finally, Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Company Profile

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.