Concord Asset Management LLC VA Acquires 9,627 Shares of Bank of America Corporation (NYSE:BAC)

Concord Asset Management LLC VA lifted its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 55.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 26,953 shares of the financial services provider's stock after purchasing an additional 9,627 shares during the quarter. Concord Asset Management LLC VA's holdings in Bank of America were worth $1,044,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Graney & King LLC bought a new stake in Bank of America in the 4th quarter valued at approximately $25,000. Vega Investment Solutions acquired a new position in Bank of America during the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America in the fourth quarter valued at $31,000. Spurstone Advisory Services LLC acquired a new stake in Bank of America in the 4th quarter valued at $34,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after buying an additional 276 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on BAC. Cfra Research lifted their target price on Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Robert W. Baird reaffirmed a "neutral" rating and set a $52.00 price target on shares of Bank of America in a research report on Friday, June 27th. HSBC downgraded Bank of America from a "buy" rating to a "hold" rating and increased their price objective for the company from $47.00 to $51.00 in a report on Monday, July 7th. Morgan Stanley boosted their target price on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, June 23rd. Finally, Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.55.

Bank of America Stock Performance

Shares of Bank of America stock traded up $1.01 during trading on Thursday, reaching $47.04. The company's stock had a trading volume of 56,462,887 shares, compared to its average volume of 40,616,822. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The business's 50-day moving average price is $45.32 and its 200-day moving average price is $43.60. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The firm has a market cap of $354.33 billion, a PE ratio of 14.00, a P/E/G ratio of 1.26 and a beta of 1.30.

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 for the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.83 earnings per share. Equities analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America's payout ratio is 30.95%.

Bank of America Company 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.