Park Avenue Securities LLC Has $7.34 Million Stake in Bank of America Co. (NYSE:BAC)

Park Avenue Securities LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC - Free Report) by 12.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 175,983 shares of the financial services provider's stock after purchasing an additional 19,727 shares during the period. Park Avenue Securities LLC's holdings in Bank of America were worth $7,344,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Avalon Trust Co lifted its holdings in Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares during the last quarter. Prossimo Advisors LLC lifted its holdings in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after acquiring an additional 220 shares during the last quarter. Consolidated Planning Corp lifted its holdings in Bank of America by 2.9% in the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock worth $356,000 after acquiring an additional 226 shares during the last quarter. TAGStone Capital Inc. lifted its holdings in Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after acquiring an additional 227 shares during the last quarter. Finally, TFB Advisors LLC lifted its holdings in Bank of America by 3.8% in the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider's stock worth $279,000 after acquiring an additional 230 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Bank of America stock traded down $0.37 during mid-day trading on Wednesday, hitting $44.72. The company's stock had a trading volume of 47,846,879 shares, compared to its average volume of 39,766,131. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $336.80 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.21 and a beta of 1.30. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The stock's fifty day moving average price is $41.14 and its two-hundred day moving average price is $43.46.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on BAC shares. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Cowen started coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Royal Bank of Canada cut their price target 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. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, UBS Group lifted their price target on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and a consensus price target of $47.69.

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.