Bank of America Co. (NYSE:BAC) Holdings Increased by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 8.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 235,025 shares of the financial services provider's stock after acquiring an additional 17,714 shares during the period. Bank of America accounts for about 2.1% of Contravisory Investment Management Inc.'s investment portfolio, making the stock its 10th largest holding. Contravisory Investment Management Inc.'s holdings in Bank of America were worth $9,808,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BAC. Geode Capital Management LLC raised its position in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank purchased a new position in Bank of America in the fourth quarter worth about $5,226,989,000. Capital World Investors lifted its stake in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after buying an additional 9,980,859 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on BAC. UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Cowen assumed coverage on Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Citigroup lowered their price target on Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America presently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Price Performance

BAC traded down $0.01 on Thursday, hitting $44.35. 31,976,923 shares of the company's stock traded hands, compared to its average volume of 39,731,182. The company's 50 day simple moving average is $40.59 and its 200-day simple moving average is $43.52. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The firm has a market cap of $334.05 billion, a price-to-earnings ratio of 13.77, a P/E/G ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 yield of 2.34%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is presently 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.