AssuredPartners Investment Advisors LLC Increases Stock Position in Bank of America Corporation (NYSE:BAC)

AssuredPartners Investment Advisors LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 6.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,969 shares of the financial services provider's stock after acquiring an additional 6,098 shares during the quarter. Bank of America makes up about 0.8% of AssuredPartners Investment Advisors LLC's holdings, making the stock its 27th largest position. AssuredPartners Investment Advisors LLC's holdings in Bank of America were worth $4,213,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Graney & King LLC purchased a new stake in Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter worth approximately $29,000. Vega Investment Solutions purchased a new position in Bank of America in the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America in the 4th quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in Bank of America during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 0.8%

Shares of NYSE:BAC traded up $0.36 during midday trading on Tuesday, reaching $46.66. The company's stock had a trading volume of 45,218,011 shares, compared to its average volume of 39,836,562. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market capitalization of $351.46 billion, a P/E ratio of 13.89, a PEG ratio of 1.23 and a beta of 1.30. The firm has a 50 day moving average of $42.55 and a 200-day moving average of $43.28. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.

Bank of America (NYSE:BAC - Get Free Report) last released its 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 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%. On average, 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 company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America's dividend payout ratio is presently 30.95%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. The Goldman Sachs Group boosted their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Morgan Stanley increased their price target on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday. Cowen initiated coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Argus cut their price target on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.40.

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.