GAMMA Investing LLC Has $194.21 Million Holdings in Bank of America Co. (NYSE:BAC)

GAMMA Investing LLC boosted its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 4,414.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,654,022 shares of the financial services provider's stock after acquiring an additional 4,550,930 shares during the quarter. GAMMA Investing LLC owned about 0.06% of Bank of America worth $194,212,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Moody National Bank Trust Division raised its position in Bank of America by 1.0% in the first quarter. Moody National Bank Trust Division now owns 92,879 shares of the financial services provider's stock worth $3,876,000 after acquiring an additional 925 shares in the last quarter. Legacy Private Trust Co. raised its position in Bank of America by 6.5% in the first quarter. Legacy Private Trust Co. now owns 128,166 shares of the financial services provider's stock worth $5,348,000 after acquiring an additional 7,819 shares in the last quarter. Versant Capital Management Inc raised its position in Bank of America by 46.7% in the first quarter. Versant Capital Management Inc now owns 18,243 shares of the financial services provider's stock worth $761,000 after acquiring an additional 5,807 shares in the last quarter. Hobart Private Capital LLC purchased a new position in Bank of America in the 1st quarter worth about $207,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Bank of America by 1.5% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 704,029 shares of the financial services provider's stock worth $29,379,000 after purchasing an additional 10,205 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. Argus dropped their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Royal Bank of Canada dropped their price target on 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. Finally, Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Down 0.5%

Shares of Bank of America stock traded down $0.22 during midday trading on Wednesday, reaching $44.43. 15,194,571 shares of the company's stock traded hands, compared to its average volume of 39,651,748. The company has a market cap of $334.64 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company's 50 day simple moving average is $40.53 and its 200 day simple moving average is $43.52. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last posted its 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. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. Bank of America's payout ratio is currently 30.95%.

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.