Bank of America Corporation (NYSE:BAC) Holdings Boosted by EULAV Asset Management

EULAV Asset Management increased its position in Bank of America Corporation (NYSE:BAC - Free Report) by 27.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 115,000 shares of the financial services provider's stock after purchasing an additional 25,000 shares during the period. EULAV Asset Management's holdings in Bank of America were worth $4,799,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BAC. Graney & King LLC acquired a new position in Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions acquired a new position in Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Bank of America in the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in Bank of America in the fourth quarter valued at approximately $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.28 during trading on Monday, hitting $48.65. The company had a trading volume of 35,412,031 shares, compared to its average volume of 40,160,891. The company has a market cap of $366.43 billion, a P/E ratio of 14.48, a PEG ratio of 1.33 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 business's 50-day moving average is $44.28 and its 200 day moving average is $43.44. 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 posted 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 return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Equities research 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. Shareholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.14%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analyst Ratings Changes

A number of brokerages have commented on BAC. Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. JPMorgan Chase & Co. cut their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Cowen started coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.28.

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.