Bank of America Co. (NYSE:BAC) Shares Bought by Bourgeon Capital Management LLC

Bourgeon Capital Management LLC raised its stake in Bank of America Co. (NYSE:BAC - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 286,534 shares of the financial services provider's stock after purchasing an additional 7,258 shares during the quarter. Bank of America comprises approximately 2.6% of Bourgeon Capital Management LLC's holdings, making the stock its 9th biggest holding. Bourgeon Capital Management LLC's holdings in Bank of America were worth $11,957,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in BAC. Lederer & Associates Investment Counsel CA increased its stake in shares of Bank of America by 1.1% in the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock valued at $879,000 after buying an additional 217 shares during the period. Avalon Trust Co boosted its holdings in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 219 shares during the last quarter. Prossimo Advisors LLC increased its position in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares during the period. Consolidated Planning Corp increased its position in Bank of America by 2.9% in the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock worth $356,000 after purchasing an additional 226 shares during the period. Finally, TAGStone Capital Inc. raised its holdings 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 last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.6%

NYSE BAC traded down $0.27 during trading on Wednesday, hitting $44.38. The stock had a trading volume of 30,549,919 shares, compared to its average volume of 39,711,101. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. 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 company's 50-day moving average price is $40.53 and its two-hundred day moving average price is $43.52. The company has a market capitalization of $334.26 billion, a PE ratio of 13.78, a P/E/G ratio of 1.21 and a beta of 1.27.

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

Bank of America Dividend Announcement

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 paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BAC. Wall Street Zen lowered shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Piper Sandler cut their price target on Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $47.50.

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.