Diversified Trust Co Raises Stock Holdings in Bank of America Corporation (NYSE:BAC)

Diversified Trust Co grew its holdings in Bank of America Corporation (NYSE:BAC - Free Report) by 26.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 265,301 shares of the financial services provider's stock after buying an additional 55,020 shares during the period. Diversified Trust Co's holdings in Bank of America were worth $11,071,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Graney & King LLC purchased a new position in Bank of America in the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the 4th quarter valued at approximately $34,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.7%

Shares of BAC stock traded down $0.35 on Friday, hitting $47.11. The stock had a trading volume of 56,663,548 shares, compared to its average volume of 39,933,103. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The business has a 50 day moving average price of $43.12 and a 200 day moving average price of $43.34. The company has a market cap of $354.85 billion, a PE ratio of 14.02, a P/E/G ratio of 1.27 and a beta of 1.30. 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 (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS 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 for the quarter, compared to the consensus estimate of $26.83 billion. Research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors 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 2.21%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. UBS Group raised their price target on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Barclays lowered their target price 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. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Bank of America in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued 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 a consensus target price of $47.65.

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.