Bank of America Co. (NYSE:BAC) Shares Acquired by Wallace Advisory Group LLC

Wallace Advisory Group LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 39.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,021 shares of the financial services provider’s stock after purchasing an additional 4,566 shares during the period. Wallace Advisory Group LLC’s holdings in Bank of America were worth $608,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. boosted its holdings in Bank of America by 5.1% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 18,816 shares of the financial services provider’s stock worth $515,000 after acquiring an additional 916 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Bank of America by 8.2% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 121,108 shares of the financial services provider’s stock valued at $3,316,000 after acquiring an additional 9,214 shares during the period. Eagle Asset Management Inc. raised its position in shares of Bank of America by 3.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 88,882 shares of the financial services provider’s stock worth $2,434,000 after purchasing an additional 2,956 shares during the period. Covestor Ltd grew its position in Bank of America by 11.6% in the 3rd quarter. Covestor Ltd now owns 4,133 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 428 shares during the last quarter. Finally, Pegasus Partners Ltd. increased its stake in shares of Bank of America by 10.0% in the third quarter. Pegasus Partners Ltd. now owns 41,114 shares of the financial services provider’s stock valued at $1,126,000 after purchasing an additional 3,723 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.63 during mid-day trading on Tuesday, reaching $39.39. The company had a trading volume of 20,459,449 shares, compared to its average volume of 38,806,953. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The stock has a market cap of $308.04 billion, a PE ratio of 13.64, a P/E/G ratio of 1.76 and a beta of 1.36. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average price of $38.61 and a two-hundred day moving average price of $35.89.

Bank of America (NYSE:BACGet Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the business posted $0.94 EPS. Bank of America’s revenue was down 1.7% on a year-over-year basis. On average, equities analysts anticipate that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The company 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 dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.44%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BAC shares. UBS Group reissued a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and raised their price target for the company from $37.00 to $46.00 in a report on Friday, June 14th. Evercore ISI lifted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Finally, StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Bank of America has an average rating of “Hold” and an average price target of $39.79.

Check Out Our Latest Stock Analysis on BAC

Bank of America Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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