Woodmont Investment Counsel LLC lifted its stake in shares of Bank of America Corporation (NYSE:BAC) by 7.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,798 shares of the financial services provider's stock after buying an additional 8,475 shares during the period. Woodmont Investment Counsel LLC's holdings in Bank of America were worth $4,999,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in BAC. Graney & King LLC purchased a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Bank of America during the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America during the 4th quarter valued at about $34,000. 70.71% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have recently commented on the company. JPMorgan Chase & Co. lowered their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Barclays dropped their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Cfra Research upped their price objective on shares of Bank of America to $47.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Finally, UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $47.69.
Get Our Latest Stock Report on BAC
Bank of America Trading Up 1.0%
Shares of BAC stock opened at $45.51 on Friday. The stock has a market capitalization of $342.78 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 1.22 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The company has a 50 day moving average price of $42.36 and a 200 day moving average price of $43.33.
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 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.
Bank of America Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.
Bank of America Company Profile
(
Free Report)
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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