KG&L Capital Management LLC Has $4.34 Million Position in Bank of America Corporation (NYSE:BAC)

KG&L Capital Management LLC raised its position in Bank of America Corporation (NYSE:BAC - Free Report) by 11.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,918 shares of the financial services provider's stock after purchasing an additional 10,439 shares during the quarter. Bank of America accounts for about 1.4% of KG&L Capital Management LLC's holdings, making the stock its 17th biggest holding. KG&L Capital Management LLC's holdings in Bank of America were worth $4,337,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BAC. Geode Capital Management LLC increased its position in shares of Bank of America by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after buying an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank bought a new stake in Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors lifted its stake in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after buying an additional 17,031,143 shares during the period. Finally, Northern Trust Corp boosted its stake in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 0.4%

Shares of NYSE:BAC opened at $46.85 on Thursday. The firm has a fifty day moving average price of $42.91 and a two-hundred day moving average price of $43.33. The company has a market cap of $352.87 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate 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%. Analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Analysts Set New Price Targets

A number of brokerages recently commented on BAC. Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. The Goldman Sachs Group lifted their price target on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Keefe, Bruyette & Woods dropped their target price on Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, Barclays cut their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, Bank of America has a consensus rating of "Moderate Buy" and a consensus target price of $47.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.