Summit Asset Management LLC Acquires 7,001 Shares of Bank of America Corporation (NYSE:BAC)

Summit Asset Management LLC raised its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,786 shares of the financial services provider's stock after purchasing an additional 7,001 shares during the quarter. Summit Asset Management LLC's holdings in Bank of America were worth $1,702,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in BAC. Brighton Jones LLC boosted its position in Bank of America by 30.0% in the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Bank Pictet & Cie Europe AG lifted its position in shares of Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock worth $37,797,000 after purchasing an additional 226,246 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Bank of America during the 4th quarter worth $243,000. Fox Run Management L.L.C. purchased a new stake in shares of Bank of America during the 4th quarter worth $219,000. Finally, Guardian Partners Inc. purchased a new stake in shares of Bank of America during the 4th quarter worth $672,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

NYSE:BAC traded up $0.29 during trading hours on Tuesday, reaching $47.77. 34,728,341 shares of the company's stock were exchanged, compared to its average volume of 40,436,337. The company has a market capitalization of $359.77 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.85 and a beta of 1.30. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The business's 50-day simple moving average is $45.53 and its two-hundred day simple moving average is $43.64.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the business posted $0.83 EPS. The company's revenue was up 4.3% on a year-over-year basis. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.18%. Bank of America's dividend payout ratio is 30.41%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Oppenheimer dropped their price target on shares of Bank of America from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Evercore ISI lowered their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. Cowen initiated coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has issued 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 $50.03.

Bank of America 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.