Bank of America Corporation (NYSE:BAC) Shares Bought by Shilanski & Associates Inc.

Shilanski & Associates Inc. increased its stake in Bank of America Corporation (NYSE:BAC) by 6.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 119,999 shares of the financial services provider's stock after purchasing an additional 7,772 shares during the quarter. Bank of America comprises about 1.6% of Shilanski & Associates Inc.'s portfolio, making the stock its 21st biggest holding. Shilanski & Associates Inc.'s holdings in Bank of America were worth $5,008,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position 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 worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Norges Bank bought a new position in Bank of America during the 4th quarter valued at $5,226,989,000. Capital World Investors increased its position in shares of 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 purchasing an additional 17,031,143 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock opened at $47.11 on Monday. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock's 50-day moving average is $43.31 and its two-hundred day moving average is $43.31. 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 firm has a market cap of $354.85 billion, a P/E ratio of 14.02, a PEG ratio of 1.28 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, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is presently 30.95%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Robert W. Baird reaffirmed a "neutral" rating and issued a $52.00 price objective on shares of Bank of America in a research note on Friday. Piper Sandler dropped their target price on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. TD Cowen initiated coverage on shares of Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their price target 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. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Corporation (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.