KPP Advisory Services LLC Buys 13,300 Shares of Bank of America Corporation (NYSE:BAC)

KPP Advisory Services LLC boosted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 44.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 43,179 shares of the financial services provider's stock after buying an additional 13,300 shares during the quarter. KPP Advisory Services LLC's holdings in Bank of America were worth $1,802,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in BAC. Graney & King LLC bought a new position in Bank of America during the fourth quarter valued at about $25,000. Fairway Wealth LLC bought a new position in Bank of America during the fourth quarter worth about $29,000. Vega Investment Solutions bought a new position in Bank of America during the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Bank of America during the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC bought a new position in Bank of America during the fourth quarter worth about $34,000. Institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 0.4%

BAC stock opened at $46.85 on Thursday. The company has a market capitalization of $352.87 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a one year low of $33.07 and a one year high of $48.08. The company's 50 day moving average price is $42.91 and its two-hundred day moving average price is $43.33. 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 posted its quarterly 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. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend 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 have weighed in on BAC. Evercore ISI cut their target price 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. Argus cut their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Barclays cut their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Finally, Cowen began coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and a consensus price target 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.

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