Oak Family Advisors LLC Buys 30,347 Shares of Bank of America Co. (NYSE:BAC)

Oak Family Advisors LLC grew its position in Bank of America Co. (NYSE:BAC - Free Report) by 109.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,006 shares of the financial services provider's stock after acquiring an additional 30,347 shares during the quarter. Oak Family Advisors LLC's holdings in Bank of America were worth $2,421,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after buying an additional 173,021 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Bank of America during the fourth quarter worth $60,679,000. Arizona State Retirement System raised its holdings in Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after acquiring an additional 10,377 shares in the last quarter. Gradient Investments LLC boosted its position in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock worth $29,061,000 after acquiring an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH grew its position in shares of Bank of America by 1.1% in the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock valued at $152,006,000 after buying an additional 38,258 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.24 during mid-day trading on Tuesday, hitting $45.11. The company had a trading volume of 32,191,403 shares, compared to its average volume of 39,742,897. The business's 50-day simple moving average is $40.78 and its 200-day simple moving average is $43.44. 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 firm has a market cap of $339.73 billion, a P/E ratio of 14.01, a PEG ratio of 1.21 and a beta of 1.30. 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 released its quarterly earnings data 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. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders 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 dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BAC shares. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and upped their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. The Goldman Sachs Group increased their target price on Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday. Barclays lowered their price target on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Oppenheimer restated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $47.69.

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.