International Assets Investment Management LLC Increases Holdings in Bank of America Corporation (NYSE:BAC)

International Assets Investment Management LLC boosted its stake in Bank of America Corporation (NYSE:BAC - Free Report) by 170.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 238,473 shares of the financial services provider's stock after purchasing 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brighton Jones LLC increased its position 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 period. Bank Pictet & Cie Europe AG grew its holdings in shares of 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 worth $37,797,000 after acquiring an additional 226,246 shares during the period. TCW Group Inc. grew its holdings in shares of Bank of America by 1.4% during the 4th quarter. TCW Group Inc. now owns 93,594 shares of the financial services provider's stock worth $4,113,000 after acquiring an additional 1,301 shares during the period. Howard Capital Management Inc. raised its position in shares of Bank of America by 5.4% in the 4th quarter. Howard Capital Management Inc. now owns 47,054 shares of the financial services provider's stock worth $2,068,000 after acquiring an additional 2,406 shares in the last quarter. Finally, MONECO Advisors LLC lifted its stake in shares of Bank of America by 49.7% in the 4th quarter. MONECO Advisors LLC now owns 32,973 shares of the financial services provider's stock valued at $1,449,000 after purchasing an additional 10,940 shares during the period. Institutional investors own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of BAC stock traded up $0.36 during mid-day trading on Tuesday, reaching $46.66. 45,366,736 shares of the company's stock traded hands, compared to its average volume of 43,268,668. Bank of America Corporation has a 12 month low of $33.06 and a 12 month high of $48.08. The firm has a 50 day moving average price of $42.55 and a two-hundred day moving average price of $43.28. The firm has a market capitalization of $351.46 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings results 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 business 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 10.25% and a net margin of 14.56%. On average, research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BAC shares. Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Phillip Securities raised shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. The Goldman Sachs Group lifted their price target on shares of Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Morgan Stanley upped their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday. Finally, UBS Group lifted their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $47.40.

About Bank of America

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.