Bank of America Corporation (NYSE:BAC) Holdings Lifted by GAMMA Investing LLC

GAMMA Investing LLC boosted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 8.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 111,527 shares of the financial services provider's stock after buying an additional 8,435 shares during the period. GAMMA Investing LLC's holdings in Bank of America were worth $4,654,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors grew its position in Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the period. Amundi lifted its position in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BAC shares. Cowen assumed coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating for the company. Cfra Research increased their price objective on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective 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. TD Cowen initiated coverage on shares of Bank of America in a research report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. Finally, Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.65.

Bank of America Stock Down 0.7%

NYSE BAC opened at $47.11 on Friday. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08. The stock has a market cap of $354.85 billion, a PE ratio of 14.02, a PEG ratio of 1.28 and a beta of 1.30. The firm has a 50-day simple moving average of $43.31 and a 200 day simple moving average of $43.35. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America's dividend payout ratio is currently 30.95%.

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.

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