Palumbo Wealth Management LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 19.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,247 shares of the financial services provider's stock after purchasing an additional 7,714 shares during the period. Palumbo Wealth Management LLC's holdings in Bank of America were worth $1,972,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in BAC. Geode Capital Management LLC raised its stake in shares of Bank of America by 1.4% in the fourth 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 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 4th 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 acquiring an additional 11,691,451 shares during the last quarter. Norges Bank bought a new stake in Bank of America in the 4th quarter valued at about $5,226,989,000. Capital World Investors lifted its holdings in Bank of America by 23.9% during 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 purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp boosted its position 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 purchasing an additional 9,980,859 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.
Bank of America Price Performance
Shares of NYSE BAC traded up $0.36 during trading hours on Tuesday, reaching $46.66. 45,367,109 shares of the stock traded hands, compared to its average volume of 39,872,205. The company's 50-day simple moving average is $42.72 and its two-hundred day simple moving average is $43.30. The company has a market capitalization of $351.46 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $26.83 billion. Equities research analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.
Bank of America Announces Dividend
The business 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 $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. Bank of America's dividend payout ratio is currently 30.95%.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on BAC. Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, March 24th. Wall Street Zen downgraded Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Cfra Research raised their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have given a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.40.
Check Out Our Latest Analysis on BAC
About Bank of America
(
Free Report)
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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