Parsons Capital Management Inc. RI Acquires 1,195 Shares of Bank of America Co. (NYSE:BAC)

Parsons Capital Management Inc. RI increased its holdings in Bank of America Co. (NYSE:BAC) by 0.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 200,111 shares of the financial services provider’s stock after purchasing an additional 1,195 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Bank of America were worth $8,351,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Geode Capital Management LLC raised its stake in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after buying an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of America during the fourth quarter worth $5,226,989,000. Capital World Investors increased its position in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.1%

BAC stock opened at $44.93 on Tuesday. The firm has a 50-day moving average of $40.78 and a two-hundred day moving average of $43.44. The company has a market cap of $338.41 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Argus reduced their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.