Whelan Financial Purchases 6,748 Shares of Bank of America Corporation (NYSE:BAC)

Whelan Financial boosted its position in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 145.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,387 shares of the financial services provider's stock after buying an additional 6,748 shares during the period. Whelan Financial's holdings in Bank of America were worth $475,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BAC. Burke & Herbert Bank & Trust Co. increased its stake in shares of Bank of America by 2.6% in the 1st quarter. Burke & Herbert Bank & Trust Co. now owns 47,494 shares of the financial services provider's stock valued at $1,982,000 after purchasing an additional 1,200 shares during the last quarter. Sutton Place Investors LLC boosted its stake in Bank of America by 10.6% in the first quarter. Sutton Place Investors LLC now owns 8,471 shares of the financial services provider's stock valued at $353,000 after buying an additional 809 shares in the last quarter. Adell Harriman & Carpenter Inc. grew its position in Bank of America by 11.9% in the first quarter. Adell Harriman & Carpenter Inc. now owns 52,762 shares of the financial services provider's stock valued at $2,202,000 after acquiring an additional 5,631 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in Bank of America by 2.7% during the first quarter. Concurrent Investment Advisors LLC now owns 272,594 shares of the financial services provider's stock worth $11,375,000 after acquiring an additional 7,251 shares in the last quarter. Finally, Simmons Bank boosted its stake in shares of Bank of America by 0.4% in the 1st quarter. Simmons Bank now owns 237,060 shares of the financial services provider's stock valued at $9,893,000 after purchasing an additional 871 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BAC. The Goldman Sachs Group upped 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. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a report on Thursday, May 22nd. Morgan Stanley boosted their price objective on Bank of America from $47.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, June 23rd. Argus cut their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Phillip Securities raised Bank of America from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.28.

Bank of America Trading Down 0.2%

Shares of Bank of America stock traded down $0.11 on Monday, reaching $48.82. 13,042,483 shares of the company's stock were exchanged, compared to its average volume of 42,960,938. The firm's 50-day moving average is $44.28 and its two-hundred day moving average is $43.44. The company has a market capitalization of $367.73 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. Bank of America Corporation has a 52 week low of $33.06 and a 52 week high of $49.31.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's payout ratio is 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.