Perennial Advisors LLC Takes Position in Bank of America Co. (NYSE:BAC)

Perennial Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,637 shares of the financial services provider's stock, valued at approximately $360,000.

A number of other large investors also recently added to or reduced their stakes in BAC. Collier Financial acquired a new stake in shares of Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc increased its holdings in Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC purchased a new position in shares of Bank of America during the fourth quarter worth about $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America during the fourth quarter worth about $29,000. Finally, Vega Investment Solutions purchased a new position in shares of Bank of America during the fourth quarter worth about $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of research reports. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Cfra Research lifted their price target on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Cowen began coverage on Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Citigroup cut their price objective on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Up 1.4%

Bank of America stock traded up $0.63 during trading on Friday, reaching $45.01. 36,995,447 shares of the company's stock were exchanged, compared to its average volume of 39,802,561. The company's 50-day moving average is $40.71 and its two-hundred day moving average is $43.48. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The firm has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30.

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 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company 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 $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 yield of 2.31%. Bank of America's payout ratio is currently 30.95%.

Bank of America 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.