Carnegie Investment Counsel Has $18.47 Million Stake in Bank of America Corporation (NYSE:BAC)

Carnegie Investment Counsel boosted its position in Bank of America Corporation (NYSE:BAC - Free Report) by 103.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 480,466 shares of the financial services provider's stock after acquiring an additional 244,665 shares during the period. Carnegie Investment Counsel's holdings in Bank of America were worth $18,467,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BAC. Gradient Investments LLC lifted its holdings in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after acquiring an additional 50,296 shares in the last quarter. Employees Retirement System of Texas lifted its holdings in shares of Bank of America by 12.7% during the 4th quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock valued at $69,640,000 after acquiring an additional 17,880 shares in the last quarter. Prosperity Wealth Management Inc. acquired a new position in shares of Bank of America during the 1st quarter valued at $998,000. Alpha Cubed Investments LLC lifted its holdings in Bank of America by 37.2% in the 1st quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock worth $2,714,000 after buying an additional 17,619 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Bank of America by 170.5% in the 1st quarter. International Assets Investment Management LLC now owns 238,473 shares of the financial services provider's stock worth $9,951,000 after buying an additional 150,299 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Up 0.2%

Shares of NYSE BAC traded up $0.08 during midday trading on Friday, reaching $48.47. 24,453,044 shares of the stock were exchanged, compared to its average volume of 43,373,284. The business has a 50-day simple moving average of $45.91 and a two-hundred day simple moving average of $43.74. The company has a market capitalization of $365.09 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 1.89 and a beta of 1.30. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $49.31. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

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

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. This is a positive change from Bank of America's previous quarterly dividend of $0.26. Bank of America's payout ratio is presently 30.41%.

Bank of America announced that its Board of Directors has approved a share buyback program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent analyst reports. Piper Sandler cut their price objective on shares of Bank of America from $45.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Hsbc Global Res lowered shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. UBS Group upped their price target on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Cowen assumed coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, The Goldman Sachs Group upped their price objective 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $50.03.

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.