34,343 Shares in Bank of America Co. (NYSE:BAC) Bought by Sweeney & Michel LLC

Sweeney & Michel LLC bought 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 & Exchange Commission. The firm bought 34,343 shares of the financial services provider's stock, valued at approximately $1,433,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Fragasso Financial Advisors Inc raised its stake in shares of Bank of America by 565.0% during the first quarter. Fragasso Financial Advisors Inc now owns 46,194 shares of the financial services provider's stock valued at $1,928,000 after purchasing an additional 39,248 shares in the last quarter. Fiduciary Alliance LLC raised its holdings in Bank of America by 4.8% during the 1st quarter. Fiduciary Alliance LLC now owns 58,722 shares of the financial services provider's stock worth $2,450,000 after buying an additional 2,708 shares during the period. Wright Investors Service Inc. raised its holdings in Bank of America by 12.0% during the 1st quarter. Wright Investors Service Inc. now owns 96,763 shares of the financial services provider's stock worth $4,038,000 after buying an additional 10,346 shares during the period. American National Bank & Trust raised its holdings in Bank of America by 2.2% during the 1st quarter. American National Bank & Trust now owns 26,989 shares of the financial services provider's stock worth $1,126,000 after buying an additional 580 shares during the period. Finally, Iowa State Bank grew its stake in Bank of America by 6.7% during the 1st quarter. Iowa State Bank now owns 96,036 shares of the financial services provider's stock valued at $4,008,000 after acquiring an additional 6,020 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of BAC stock traded up $0.17 during trading on Thursday, reaching $44.53. 13,474,538 shares of the company's stock were exchanged, compared to its average volume of 39,660,356. 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 $335.39 billion, a PE ratio of 13.83, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The firm's fifty day moving average price is $40.59 and its 200-day moving average price is $43.52.

Bank of America (NYSE:BAC - Get Free Report) last posted its 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 business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.7 EPS 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. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is 30.95%.

Analysts Set New Price Targets

Several research firms have weighed in on BAC. UBS Group lifted their target price on Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 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 boosted their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Baird R W upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

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.