World Investment Advisors Boosts Stake in Bank of America Corporation (NYSE:BAC)

World Investment Advisors boosted its stake in shares of Bank of America Corporation (NYSE:BAC - Free Report) by 10.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAC. Graney & King LLC purchased a new position in Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new position in shares of Bank of America in the fourth quarter worth $29,000. Vega Investment Solutions purchased a new position in shares of Bank of America in the fourth quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of Bank of America in the fourth quarter worth $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the fourth quarter worth $34,000. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BAC. Evercore ISI decreased their price target on 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. Barclays cut their price objective on Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Cowen initiated coverage on Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating for the company. TD Cowen initiated coverage on Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Finally, Morgan Stanley boosted their price target on Bank of America from $47.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $48.28.

Bank of America Stock Down 0.3%

Shares of NYSE BAC traded down $0.16 during midday trading on Monday, reaching $48.77. 9,103,504 shares of the company's stock traded hands, compared to its average volume of 40,075,048. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The stock's 50 day simple moving average is $44.28 and its 200-day simple moving average is $43.44. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31. The company has a market cap of $367.34 billion, a price-to-earnings ratio of 14.58, a P/E/G ratio of 1.33 and a beta of 1.30.

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, topping the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during 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 predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

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.