Bank of America Corporation (NYSE:BAC) Stock Holdings Boosted by Community Financial Services Group LLC

Community Financial Services Group LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 31.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 163,270 shares of the financial services provider's stock after buying an additional 38,681 shares during the quarter. Bank of America comprises approximately 1.5% of Community Financial Services Group LLC's portfolio, making the stock its 23rd biggest holding. Community Financial Services Group LLC's holdings in Bank of America were worth $6,813,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BAC. Graney & King LLC purchased a new position in shares of Bank of America in the 4th quarter worth $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the 4th quarter worth about $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the 4th quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in Bank of America in the fourth quarter valued at approximately $34,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BAC. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Keefe, Bruyette & Woods cut their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. UBS Group raised their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on shares of 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, Royal Bank Of Canada dropped their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

Bank of America Stock Performance

BAC stock traded down $0.35 during trading on Friday, hitting $47.11. 56,663,548 shares of the company's stock traded hands, compared to its average volume of 39,974,881. 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 Corporation has a 52 week low of $33.07 and a 52 week high of $48.08. The stock has a fifty day moving average price of $43.31 and a two-hundred day moving average price of $43.35. The stock has a market capitalization of $354.85 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, June 6th. 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.