Strategic Blueprint LLC Boosts Stake in Bank of America Corporation (NYSE:BAC)

Strategic Blueprint LLC lifted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 159.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,503 shares of the financial services provider's stock after purchasing an additional 39,673 shares during the period. Strategic Blueprint LLC's holdings in Bank of America were worth $2,692,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in BAC. Graney & King LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new stake in Bank of America in the fourth quarter valued at approximately $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $34,000. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

BAC has been the topic of a number of recent research reports. Cfra Research raised their target price on Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. HSBC lowered Bank of America from a "buy" rating to a "hold" rating and lifted their price target for the stock from $47.00 to $51.00 in a report on Monday. Cowen assumed coverage on Bank of America in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.33.

Bank of America Price Performance

Shares of BAC traded down $1.49 during mid-day trading on Tuesday, hitting $47.17. 76,685,714 shares of the company were exchanged, compared to its average volume of 43,362,980. Bank of America Corporation has a 1-year low of $33.06 and a 1-year high of $49.31. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The company has a 50 day moving average of $44.46 and a 200-day moving average of $43.47. The stock has a market cap of $355.28 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.20%. Bank of America's payout ratio is 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.