Blue Trust Inc. lifted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 12.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 69,019 shares of the financial services provider's stock after buying an additional 7,630 shares during the period. Blue Trust Inc.'s holdings in Bank of America were worth $2,880,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Graney & King LLC purchased a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in Bank of America during the fourth quarter worth $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America in the fourth quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new stake in shares of Bank of America in the 4th quarter worth about $34,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.
Bank of America Stock Performance
Shares of Bank of America stock opened at $45.02 on Thursday. The company has a 50 day moving average price of $41.98 and a 200 day moving average price of $43.35. The firm has a market capitalization of $339.09 billion, a P/E ratio of 13.40, a PEG ratio of 1.20 and a beta of 1.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. 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 posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share 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 business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is currently 30.95%.
Analysts Set New Price Targets
A number of analysts recently weighed in on BAC shares. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Cfra Research increased their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Citigroup cut their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. JPMorgan Chase & Co. reduced their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, The Goldman Sachs Group boosted their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $47.69.
Check Out Our Latest Research Report on BAC
Bank of America Profile
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Free Report)
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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