Amalgamated Bank Buys 10,097 Shares of Bank of America Corporation (NYSE:BAC)

Amalgamated Bank boosted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 0.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,289,378 shares of the financial services provider's stock after acquiring an additional 10,097 shares during the period. Bank of America accounts for 0.5% of Amalgamated Bank's investment portfolio, making the stock its 27th biggest position. Amalgamated Bank's holdings in Bank of America were worth $53,806,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors raised its stake in Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Bank of America by 10.6% in the fourth 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 acquiring an additional 11,691,451 shares during the period. Amundi grew its stake in shares of Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp increased its position 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 purchasing an additional 9,980,859 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analysts Set New Price Targets

BAC has been the subject of a number of recent research reports. Cfra Research boosted their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Argus reduced their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Evercore ISI decreased their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. JPMorgan Chase & Co. cut their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Finally, Cowen initiated coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.98.

Bank of America Price Performance

Shares of NYSE BAC traded up $0.53 during midday trading on Wednesday, reaching $48.68. 48,001,321 shares of the stock traded hands, compared to its average volume of 40,095,044. The company's 50 day moving average is $43.91 and its 200 day moving average is $43.39. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.73. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The stock has a market capitalization of $366.65 billion, a PE ratio of 14.49, a P/E/G ratio of 1.31 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 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 business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.14%. Bank of America's dividend payout ratio is currently 30.95%.

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.