Bank of America Corporation (NYSE:BAC) Stock Holdings Lifted by Wealth Alliance LLC

Wealth Alliance LLC grew its position in Bank of America Corporation (NYSE:BAC - Free Report) by 24.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,832 shares of the financial services provider's stock after acquiring an additional 6,218 shares during the period. Wealth Alliance LLC's holdings in Bank of America were worth $1,328,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Graney & King LLC bought a new position in shares of Bank of America during the fourth quarter worth $25,000. Vega Investment Solutions bought a new stake in Bank of America in the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Bank of America in the 4th quarter valued at $31,000. Spurstone Advisory Services LLC bought a new stake in Bank of America in the 4th quarter valued at $34,000. Finally, Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 276 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Trading Up 0.6%

NYSE:BAC traded up $0.29 on Tuesday, hitting $47.77. 34,728,341 shares of the stock were exchanged, compared to its average volume of 40,445,823. The stock has a market cap of $359.77 billion, a PE ratio of 13.97, a PEG ratio of 1.29 and a beta of 1.30. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 1.14. The stock has a fifty day moving average of $45.53 and a 200-day moving average of $43.64. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $49.31.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The business had revenue of ($22,273.00) million during the quarter, compared to analyst estimates of $26.79 billion. During the same quarter last year, the firm earned $0.83 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is presently 30.41%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Robert W. Baird restated a "neutral" rating and set a $52.00 price objective on shares of Bank of America in a research note on Friday, June 27th. Cowen assumed coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. The Goldman Sachs Group increased their price objective on shares of Bank of America from $46.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. TD Cowen began coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price target for the company. Finally, Cfra Research raised their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $50.03.

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.