41,117 Shares in Bank of America Corporation (NYSE:BAC) Bought by Brookwood Investment Group LLC

Brookwood Investment Group LLC purchased a new position in Bank of America Corporation (NYSE:BAC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 41,117 shares of the financial services provider's stock, valued at approximately $1,716,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Morling Financial Advisors LLC boosted its position in Bank of America by 8.1% during the first quarter. Morling Financial Advisors LLC now owns 7,821 shares of the financial services provider's stock worth $326,000 after acquiring an additional 588 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Bank of America by 3.5% during the 1st quarter. Atria Investments Inc now owns 483,032 shares of the financial services provider's stock worth $20,157,000 after purchasing an additional 16,187 shares during the period. Princeton Capital Management LLC boosted its holdings in shares of Bank of America by 4.2% during the first quarter. Princeton Capital Management LLC now owns 38,680 shares of the financial services provider's stock worth $1,614,000 after purchasing an additional 1,553 shares during the last quarter. Davis Rea LTD. grew its position in shares of Bank of America by 39.7% in the first quarter. Davis Rea LTD. now owns 264,119 shares of the financial services provider's stock valued at $11,022,000 after purchasing an additional 75,000 shares during the period. Finally, One Wealth Advisors LLC increased its stake in Bank of America by 72.6% in the first quarter. One Wealth Advisors LLC now owns 16,768 shares of the financial services provider's stock valued at $700,000 after purchasing an additional 7,052 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Robert W. Baird reissued a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price objective for the company. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and boosted their price target for the company from $47.00 to $51.00 in a research report on Monday, July 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.03.

Bank of America Stock Up 0.5%

Shares of BAC traded up $0.25 during trading on Thursday, reaching $48.39. The company's stock had a trading volume of 42,918,213 shares, compared to its average volume of 43,231,256. The company has a market cap of $364.43 billion, a price-to-earnings ratio of 14.15, a P/E/G ratio of 1.87 and a beta of 1.30. The company has a quick ratio of 0.79, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a fifty day moving average of $45.83 and a two-hundred day moving average of $43.74. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 earnings per share. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its Board of Directors has initiated a stock buyback plan on Wednesday, July 23rd that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be given a dividend of $0.28 per share. This is a boost from Bank of America's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. Bank of America's dividend payout ratio (DPR) is presently 30.41%.

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.