Tounjian Advisory Partners LLC bought a new position in Bank of America Co. (NYSE:BAC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,424 shares of the financial services provider's stock, valued at approximately $644,000.
Several other institutional investors have also made changes to their positions in BAC. Avalon Trust Co grew its position in Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after purchasing an additional 219 shares in the last quarter. Prossimo Advisors LLC grew its position in Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after purchasing an additional 220 shares in the last quarter. Consolidated Planning Corp grew its position in Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after purchasing an additional 226 shares in the last quarter. TAGStone Capital Inc. grew its position in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after purchasing an additional 227 shares in the last quarter. Finally, TFB Advisors LLC grew its position in Bank of America by 3.8% during the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 230 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently commented on the stock. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Royal Bank of Canada lowered their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. UBS Group boosted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. Finally, Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Bank of America has an average rating of "Moderate Buy" and an average target price of $47.69.
Read Our Latest Analysis on BAC
Bank of America Stock Performance
Shares of NYSE BAC traded down $0.59 during trading hours on Friday, hitting $44.04. 43,276,878 shares of the stock were exchanged, compared to its average volume of 39,751,325. The firm has a market capitalization of $331.67 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30. The company's 50 day moving average is $41.32 and its 200 day moving average is $43.44. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.
Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. The firm 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%. On average, research analysts expect that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, June 6th. Bank of America's payout ratio is currently 30.95%.
About Bank of America
(
Free Report)
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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