International Assets Investment Management LLC Buys 150,299 Shares of Bank of America Corporation (NYSE:BAC)

International Assets Investment Management LLC lifted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 170.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 238,473 shares of the financial services provider's stock after acquiring an additional 150,299 shares during the period. International Assets Investment Management LLC's holdings in Bank of America were worth $9,951,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted 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 valued at $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management bought a new position in Bank of America in the 4th quarter worth approximately $60,679,000. Arizona State Retirement System increased its position in Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after acquiring 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 valued at $29,061,000 after acquiring an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH boosted its position 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 acquiring an additional 38,258 shares during the period. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Down 0.7%

NYSE:BAC opened at $47.11 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The business's fifty day moving average price is $43.31 and its 200 day moving average price is $43.35. The firm has a market capitalization of $354.85 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.28 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (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 company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, sell-side analysts forecast that Bank of America Corporation 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 was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BAC shares. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target on the stock. Argus lowered their target price on shares of 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. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, five have given 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, the company 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.