Bank of America Corporation (NYSE:BAC) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 1.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,417,407 shares of the financial services provider's stock after purchasing an additional 803,570 shares during the period. Bank of New York Mellon Corp owned approximately 0.79% of Bank of America worth $2,521,218,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. World Investment Advisors boosted its holdings in Bank of America by 10.0% in the first quarter. World Investment Advisors now owns 151,002 shares of the financial services provider's stock valued at $6,301,000 after acquiring an additional 13,694 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. lifted its position in shares of Bank of America by 7.9% during the 1st quarter. Generali Investments CEE investicni spolecnost a.s. now owns 101,960 shares of the financial services provider's stock valued at $4,255,000 after acquiring an additional 7,460 shares during the period. Impax Asset Management Group plc boosted its stake in Bank of America by 3.6% during the first quarter. Impax Asset Management Group plc now owns 18,924 shares of the financial services provider's stock worth $790,000 after acquiring an additional 651 shares in the last quarter. Argyle Capital Management LLC increased its position in Bank of America by 1.0% in the 1st quarter. Argyle Capital Management LLC now owns 93,842 shares of the financial services provider's stock valued at $3,916,000 after buying an additional 950 shares in the last quarter. Finally, Strategic Blueprint LLC raised its stake in Bank of America by 159.8% during the 1st quarter. Strategic Blueprint LLC now owns 64,503 shares of the financial services provider's stock worth $2,692,000 after buying an additional 39,673 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BAC. Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Baird R W downgraded Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.28.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.23 during trading on Friday, hitting $48.94. The company's stock had a trading volume of 21,620,278 shares, compared to its average volume of 40,179,873. 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 $368.61 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 1.33 and a beta of 1.30. The company has a 50-day moving average of $44.28 and a 200-day moving average of $43.44. Bank of America Corporation has a 12 month low of $33.07 and a 12 month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts expect 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 disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.13%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

About Bank of America

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.