IFM Investors Pty Ltd Acquires 118,693 Shares of Bank of America Corporation (NYSE:BAC)

IFM Investors Pty Ltd increased its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 9.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,425,405 shares of the financial services provider's stock after acquiring an additional 118,693 shares during the quarter. Bank of America comprises approximately 0.6% of IFM Investors Pty Ltd's holdings, making the stock its 26th largest holding. IFM Investors Pty Ltd's holdings in Bank of America were worth $56,560,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of BAC. Graney & King LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC bought a new stake in Bank of America in the 4th quarter valued at $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the 4th quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America during the 4th quarter worth about $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BAC. Evercore ISI dropped their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Cowen began coverage on Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Morgan Stanley raised their target price on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Citigroup upped their price target on Bank of America from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Finally, The Goldman Sachs Group lifted their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average price target of $48.28.

Bank of America Stock Up 0.5%

NYSE BAC opened at $48.94 on Friday. The stock has a market capitalization of $368.61 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. Bank of America Corporation has a 52 week low of $33.07 and a 52 week high of $49.31. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock has a fifty day moving average of $44.10 and a 200-day moving average of $43.42.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 return on equity of 10.25% and a net margin of 14.56%. On average, equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America's dividend 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.

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