Bank of America Corporation (NYSE:BAC) Stock Holdings Increased by World Investment Advisors

World Investment Advisors boosted its holdings in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 10.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,002 shares of the financial services provider's stock after buying an additional 13,694 shares during the period. World Investment Advisors' holdings in Bank of America were worth $6,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors increased its holdings in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the period. Amundi increased its holdings in shares of Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock valued at $1,747,658,000 after purchasing an additional 10,231,001 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE:BAC traded down $1.37 during trading on Tuesday, hitting $47.29. 51,649,742 shares of the stock were exchanged, compared to its average volume of 43,206,879. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The company has a fifty day moving average price of $44.46 and a two-hundred day moving average price of $43.47. The company has a market cap of $356.18 billion, a PE ratio of 14.07, a P/E/G ratio of 1.33 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly 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 company 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 10.25% and a net margin of 14.56%. On average, analysts forecast that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.20%. Bank of America's dividend payout ratio is presently 30.95%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Evercore ISI lowered their target price on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 1st. Robert W. Baird restated a "neutral" rating and issued a $52.00 target price on shares of Bank of America in a research note on Friday, June 27th. Morgan Stanley increased their price target 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. Finally, Barclays lowered their price target on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.33.

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.