Griffith & Werner Inc. Has $4.78 Million Stock Position in Bank of America Co. (NYSE:BAC)

Griffith & Werner Inc. grew its stake in Bank of America Co. (NYSE:BAC) by 13.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 114,556 shares of the financial services provider's stock after purchasing an additional 13,497 shares during the quarter. Bank of America comprises approximately 3.0% of Griffith & Werner Inc.'s holdings, making the stock its 15th largest holding. Griffith & Werner Inc.'s holdings in Bank of America were worth $4,780,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of America by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management acquired a new stake in Bank of America during the 4th quarter worth $60,679,000. Arizona State Retirement System raised its stake in Bank of America by 0.5% during the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after buying an additional 10,377 shares during the period. Gradient Investments LLC raised its stake in Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after buying an additional 50,296 shares during the period. Finally, Keybank National Association OH raised its stake in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after buying an additional 38,258 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. JPMorgan Chase & Co. dropped their price objective on 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. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Cowen initiated coverage on Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Two investment 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's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Price Performance

Shares of NYSE BAC opened at $45.01 on Friday. The stock has a market capitalization of $339.01 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30. The business has a 50-day moving average of $40.71 and a 200-day moving average of $43.48. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08.

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 the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, sell-side analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America's dividend payout ratio (DPR) is currently 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.

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