Bank of America Co. (NYSE:BAC) Shares Acquired by Merit Financial Group LLC

Merit Financial Group LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 27.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 172,511 shares of the financial services provider's stock after buying an additional 37,126 shares during the period. Merit Financial Group LLC's holdings in Bank of America were worth $7,199,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Baxter Bros Inc. boosted its stake in Bank of America by 3.2% during the first quarter. Baxter Bros Inc. now owns 40,007 shares of the financial services provider's stock worth $1,669,000 after buying an additional 1,230 shares during the last quarter. Paladin Wealth LLC lifted its stake in shares of Bank of America by 7.4% in the 1st quarter. Paladin Wealth LLC now owns 15,495 shares of the financial services provider's stock valued at $647,000 after purchasing an additional 1,066 shares during the last quarter. Inspirion Wealth Advisors LLC lifted its stake in shares of Bank of America by 7.1% in the 1st quarter. Inspirion Wealth Advisors LLC now owns 19,940 shares of the financial services provider's stock valued at $832,000 after purchasing an additional 1,319 shares during the last quarter. Gradient Investments LLC lifted its stake in shares of Bank of America by 7.8% in the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after purchasing an additional 50,296 shares during the last quarter. Finally, Sweeney & Michel LLC acquired a new position in shares of Bank of America in the 1st quarter valued at $1,433,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

NYSE:BAC traded down $0.01 during mid-day trading on Thursday, reaching $44.35. 31,976,923 shares of the stock were exchanged, compared to its average volume of 39,731,164. The company has a 50 day simple moving average of $40.59 and a 200-day simple moving average of $43.52. The stock has a market capitalization of $334.05 billion, a P/E ratio of 13.77, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. Bank of America's payout ratio is 30.95%.

Analyst Ratings Changes

BAC has been the topic of several recent analyst reports. Argus decreased their price target on 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. TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target on the stock. Royal Bank of Canada cut their price objective on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Barclays cut their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Robert W. Baird upgraded Bank of America from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

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.