47,131 Shares in Bank of America Corporation (NYSE:BAC) Bought by CHURCHILL MANAGEMENT Corp

CHURCHILL MANAGEMENT Corp bought a new stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 47,131 shares of the financial services provider's stock, valued at approximately $1,967,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Avalon Trust Co lifted its position in shares of Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after purchasing an additional 219 shares during the last quarter. TAGStone Capital Inc. increased its stake in Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after buying an additional 227 shares during the period. Hayek Kallen Investment Management increased its stake in Bank of America by 2.0% in the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider's stock worth $528,000 after buying an additional 233 shares during the period. Continuum Advisory LLC lifted its holdings in Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider's stock valued at $734,000 after buying an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC boosted its position in Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider's stock valued at $906,000 after buying an additional 240 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. 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. Baird R W lowered Bank of America from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 27th. Argus lowered their target price on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Barclays cut their price target 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, Citigroup upped their price objective on shares of Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average target price of $48.28.

Bank of America Stock Performance

Bank of America stock traded up $0.23 during mid-day trading on Friday, reaching $48.94. 21,620,278 shares of the company traded hands, compared to its average volume of 40,113,109. The firm's fifty day moving average is $44.10 and its two-hundred day moving average is $43.42. The company has a market capitalization of $368.61 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78.

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. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.13%. Bank of America's dividend payout ratio (DPR) is presently 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.