Mitchell Mcleod Pugh & Williams Inc. Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Mitchell Mcleod Pugh & Williams Inc. lifted its position in Bank of America Co. (NYSE:BAC) by 0.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 52,480 shares of the financial services provider’s stock after buying an additional 368 shares during the quarter. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Bank of America were worth $1,767,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Regent Peak Wealth Advisors LLC raised its stake in Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the last quarter. Kennedy Investment Group raised its stake in Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the last quarter. Private Ocean LLC raised its stake in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the last quarter. Selective Wealth Management Inc. raised its stake in Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC raised its stake in shares of Bank of America by 4.0% during the 4th quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock worth $295,000 after buying an additional 338 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 0.3 %

NYSE:BAC traded up $0.11 during mid-day trading on Monday, hitting $37.94. The company had a trading volume of 5,923,628 shares, compared to its average volume of 40,999,852. The business has a fifty day simple moving average of $36.13 and a 200-day simple moving average of $32.80. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The firm has a market capitalization of $299.37 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.94 earnings per share. Equities analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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 $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. Bank of America’s payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BAC shares. Barclays increased their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a report on Tuesday, January 16th. UBS Group restated a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, Evercore ISI upped their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $38.53.

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.