Wesbanco Bank Inc. Buys 238,081 Shares of Bank of America Co. (NYSE:BAC)

Wesbanco Bank Inc. increased its position in Bank of America Co. (NYSE:BAC) by 674.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 273,374 shares of the financial services provider's stock after purchasing an additional 238,081 shares during the quarter. Wesbanco Bank Inc.'s holdings in Bank of America were worth $11,408,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Avalon Trust Co boosted its position in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares in the last quarter. Prossimo Advisors LLC boosted its holdings in shares of Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares in the last quarter. Consolidated Planning Corp lifted its holdings in Bank of America by 2.9% in the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock valued at $356,000 after acquiring an additional 226 shares during the period. TAGStone Capital Inc. grew its holdings in shares of Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock worth $870,000 after acquiring an additional 227 shares during the period. Finally, TFB Advisors LLC boosted its position in shares of Bank of America by 3.8% in the 4th quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider's stock worth $279,000 after buying an additional 230 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Bank of America stock opened at $45.01 on Monday. The company has a market cap of $339.01 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The business's 50 day simple moving average is $40.71 and its 200 day simple moving average is $43.46. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.

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 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America's dividend payout ratio (DPR) is currently 30.95%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada cut their price objective on shares of Bank of America from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. TD Cowen assumed coverage on Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 price objective for the company. Finally, Oppenheimer restated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $47.50.

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.

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.