Stockman Wealth Management Inc. Has $10.41 Million Stock Position in Bank of America Co. (NYSE:BAC)

Stockman Wealth Management Inc. boosted its position in shares of Bank of America Co. (NYSE:BAC - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 249,487 shares of the financial services provider's stock after buying an additional 6,060 shares during the quarter. Bank of America accounts for approximately 1.5% of Stockman Wealth Management Inc.'s investment portfolio, making the stock its 27th largest position. Stockman Wealth Management Inc.'s holdings in Bank of America were worth $10,411,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Graney & King LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new stake in Bank of America during the 4th quarter worth about $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the fourth quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America in the fourth quarter worth about $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the fourth quarter worth approximately $34,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on BAC. Royal Bank of Canada decreased their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Friday, March 7th. Wall Street Zen lowered Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, April 17th. Finally, TD Cowen started coverage on Bank of America in a research note on Thursday, May 15th. They set a "buy" rating and a $53.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $47.69.

Bank of America Stock Performance

BAC traded up $0.31 on Monday, hitting $44.40. The company had a trading volume of 34,089,373 shares, compared to its average volume of 39,758,435. The stock has a market cap of $334.39 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. 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 company's fifty day moving average price is $41.50 and its 200 day moving average price is $43.36. 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 issued 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. The business 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%. Equities 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 announced 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.

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.