Graves Light Private Wealth Management Inc. increased its position in shares of Bank of America Corp (NYSE:BAC) by 2.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 20,321 shares of the financial services provider’s stock after purchasing an additional 534 shares during the quarter. Graves Light Private Wealth Management Inc.’s holdings in Bank of America were worth $561,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. CRA Financial Services LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $1,320,000. PGGM Investments acquired a new position in shares of Bank of America during the fourth quarter valued at $128,471,000. Fosun International Ltd lifted its stake in shares of Bank of America by 333.9% during the fourth quarter. Fosun International Ltd now owns 40,783 shares of the financial services provider’s stock valued at $1,005,000 after acquiring an additional 31,383 shares during the period. Sunesis Advisors LLC acquired a new position in shares of Bank of America during the fourth quarter valued at $268,000. Finally, First Citizens Bank & Trust Co. lifted its stake in shares of Bank of America by 1.0% during the fourth quarter. First Citizens Bank & Trust Co. now owns 311,732 shares of the financial services provider’s stock valued at $7,681,000 after acquiring an additional 2,994 shares during the period. 65.19% of the stock is currently owned by institutional investors and hedge funds.
In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the transaction, the insider now owns 243,617 shares of the company’s stock, valued at $7,254,914.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.17% of the company’s stock.
NYSE:BAC opened at $29.71 on Friday. Bank of America Corp has a 1-year low of $22.66 and a 1-year high of $31.91. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $307.31 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 1.34 and a beta of 1.49.
Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The firm had revenue of $23 billion for the quarter, compared to analyst estimates of $23.24 billion. During the same quarter in the prior year, the firm posted $0.62 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. Research analysts anticipate that Bank of America Corp will post 2.86 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.02%. The ex-dividend date is Thursday, June 6th. Bank of America’s payout ratio is 22.99%.
Several equities analysts have recently issued reports on the company. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Zacks Investment Research lowered Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. HSBC assumed coverage on Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price target on the stock. Jefferies Financial Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research note on Wednesday, April 17th. Finally, Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price target on the stock. in a research note on Tuesday, April 30th. Eleven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $32.98.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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