Bank of America Corporation (NYSE:BAC) Shares Purchased by Moloney Securities Asset Management LLC

Moloney Securities Asset Management LLC boosted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 169.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,730 shares of the financial services provider's stock after purchasing an additional 27,484 shares during the quarter. Moloney Securities Asset Management LLC's holdings in Bank of America were worth $1,825,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter valued at about $5,226,989,000. Capital World Investors increased its stake 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 acquiring an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Bank of America by 10.6% during the 4th 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 last quarter. Northern Trust Corp increased its stake 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 acquiring an additional 9,980,859 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in shares of Bank of America by 39.6% during the 4th quarter. Deutsche Bank AG now owns 33,152,004 shares of the financial services provider's stock valued at $1,457,031,000 after acquiring an additional 9,409,076 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

BAC stock opened at $47.31 on Wednesday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market cap of $356.30 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.32 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The stock's 50 day simple moving average is $44.60 and its 200 day simple moving average is $43.50.

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. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a report on Thursday, April 3rd. Cfra Research boosted their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Robert W. Baird reiterated a "neutral" rating and set a $52.00 target price on shares of Bank of America in a report on Friday, June 27th. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, Oppenheimer reiterated 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, seven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $48.33.

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.

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