Illinois Municipal Retirement Fund grew its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 393,009 shares of the financial services provider's stock after purchasing an additional 10,035 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Bank of America were worth $16,400,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares during the last quarter. Bank Pictet & Cie Europe AG increased its stake in Bank of America by 35.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider's stock valued at $37,797,000 after buying an additional 226,246 shares during the period. Bryn Mawr Capital Management LLC raised its position in shares of Bank of America by 2.1% during the 4th quarter. Bryn Mawr Capital Management LLC now owns 58,439 shares of the financial services provider's stock worth $2,568,000 after buying an additional 1,220 shares in the last quarter. Phocas Financial Corp. bought a new stake in shares of Bank of America during the 4th quarter worth about $204,000. Finally, Carlson Capital L.P. acquired a new stake in shares of Bank of America in the 4th quarter worth approximately $3,292,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Bank of America Stock Down 0.7%
Shares of BAC stock traded down $0.35 on Friday, reaching $47.11. 56,663,548 shares of the company's stock traded hands, compared to its average volume of 39,933,104. The company has a market capitalization of $354.85 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. 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 business's 50 day moving average price is $43.12 and its two-hundred day moving average price is $43.34.
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 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates 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 analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current year.
Bank of America Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is presently 30.95%.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the stock. UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. 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. Evercore ISI cut their price objective on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. TD Cowen initiated coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Finally, The Goldman Sachs Group boosted their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.65.
Get Our Latest Report on BAC
Bank of America Profile
(
Free Report)
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.
Featured Articles
Before you consider Bank of America, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Bank of America wasn't on the list.
While Bank of America currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
