Stratos Investment Management LLC Raises Stock Holdings in Bank of America Corporation (NYSE:BAC)

Stratos Investment Management LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 17.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 175,882 shares of the financial services provider's stock after purchasing an additional 25,892 shares during the period. Stratos Investment Management LLC's holdings in Bank of America were worth $7,340,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. NTV Asset Management LLC grew its holdings in Bank of America by 0.6% during the first quarter. NTV Asset Management LLC now owns 52,906 shares of the financial services provider's stock valued at $2,208,000 after purchasing an additional 301 shares during the period. Hourglass Capital LLC grew its holdings in Bank of America by 12.5% during the first quarter. Hourglass Capital LLC now owns 52,687 shares of the financial services provider's stock valued at $2,199,000 after purchasing an additional 5,860 shares during the period. Brown Advisory Inc. grew its holdings in Bank of America by 0.4% during the first quarter. Brown Advisory Inc. now owns 3,372,376 shares of the financial services provider's stock valued at $140,729,000 after purchasing an additional 13,943 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in Bank of America by 10.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 38,071 shares of the financial services provider's stock valued at $1,589,000 after purchasing an additional 3,495 shares during the period. Finally, Alpha Cubed Investments LLC grew its holdings in Bank of America by 37.2% during the first quarter. Alpha Cubed Investments LLC now owns 65,038 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 17,619 shares during the period. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BAC shares. The Goldman Sachs Group increased their price objective on Bank of America from $46.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Keefe, Bruyette & Woods cut their price target on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Citigroup raised their price target on Bank of America from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. HSBC lowered Bank of America from a "buy" rating to a "hold" rating in a report on Monday. Finally, Cowen assumed coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.28.

Bank of America Trading Down 0.6%

Shares of BAC stock opened at $48.65 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $44.46 and a two-hundred day moving average price of $43.47. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31. The firm has a market cap of $366.43 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued 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. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.14%. Bank of America's dividend payout ratio is currently 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.

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