MassMutual Private Wealth & Trust FSB Acquires 10,205 Shares of Bank of America Co. (NYSE:BAC)

MassMutual Private Wealth & Trust FSB increased its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 1.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 704,029 shares of the financial services provider's stock after purchasing an additional 10,205 shares during the period. MassMutual Private Wealth & Trust FSB's holdings in Bank of America were worth $29,379,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in shares of Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of 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 during the last quarter. Norges Bank bought a new position in shares of Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors increased its position in shares of 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 worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Bank of America by 17.2% in 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 purchasing an additional 9,980,859 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. UBS Group upped their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, April 16th. Argus decreased their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Trading Down 0.2%

Bank of America stock traded down $0.10 during trading hours on Friday, reaching $44.14. The company had a trading volume of 66,528,527 shares, compared to its average volume of 39,868,402. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50-day moving average price of $40.46 and a 200 day moving average price of $43.56. The firm has a market cap of $332.46 billion, a price-to-earnings ratio of 13.71, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced 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 for the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America's dividend payout ratio is currently 30.95%.

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.