Hourglass Capital LLC Boosts Stock Holdings in Bank of America Corporation (NYSE:BAC)

Hourglass Capital LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,687 shares of the financial services provider's stock after purchasing an additional 5,860 shares during the period. Hourglass Capital LLC's holdings in Bank of America were worth $2,199,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after purchasing an additional 173,021 shares during the last quarter. Gradient Investments LLC lifted its position in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Bank of America by 13.7% during the 4th quarter. Prudential Financial Inc. now owns 6,251,802 shares of the financial services provider's stock worth $274,767,000 after purchasing an additional 753,880 shares during the last quarter. Employees Retirement System of Texas lifted its position in shares of Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $69,640,000 after purchasing an additional 17,880 shares during the last quarter. Finally, Prosperity Wealth Management Inc. purchased a new stake in shares of Bank of America during the 1st quarter worth $998,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

BAC stock traded down $0.31 during trading on Wednesday, reaching $46.84. 14,830,872 shares of the company were exchanged, compared to its average volume of 40,310,848. The company has a market cap of $352.76 billion, a P/E ratio of 13.95, a PEG ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The stock's 50 day moving average price is $44.60 and its 200 day moving average price is $43.50. 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 results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Royal Bank Of Canada set a $53.00 price target on shares of Bank of America and gave the stock an "outperform" rating in a research note on Monday, June 30th. Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley lifted their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, June 23rd. Citigroup lifted their price target on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, The Goldman Sachs Group lifted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.59.

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.