Hilton Capital Management LLC Takes $3.61 Million Position in Bank of America Corporation $BAC

Hilton Capital Management LLC bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 76,227 shares of the financial services provider’s stock, valued at approximately $3,607,000.

Several other institutional investors have also recently made changes to their positions in BAC. Nova Wealth Management Inc. lifted its stake in shares of Bank of America by 75.2% in the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Quaker Wealth Management LLC increased its stake in Bank of America by 246.5% during the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares during the period. RMG Wealth Management LLC acquired a new stake in Bank of America during the 2nd quarter worth approximately $28,000. CGC Financial Services LLC grew its stake in shares of Bank of America by 585.4% in the second quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 521 shares in the last quarter. Finally, Wealth Preservation Advisors LLC increased its position in shares of Bank of America by 48.7% during the second quarter. Wealth Preservation Advisors LLC now owns 681 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 223 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on BAC. Phillip Securities boosted their price target on Bank of America from $50.00 to $56.00 in a report on Tuesday, October 21st. TD Cowen raised their price target on Bank of America from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Argus upped their price objective on shares of Bank of America from $53.00 to $58.00 in a research note on Friday, October 17th. Seaport Global Securities raised their target price on shares of Bank of America from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, Wall Street Zen upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Sunday, October 19th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.86.

Bank of America Stock Performance

NYSE:BAC opened at $55.14 on Friday. The stock’s 50 day simple moving average is $52.39 and its two-hundred day simple moving average is $49.45. Bank of America Corporation has a 1 year low of $33.06 and a 1 year high of $55.30. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $402.66 billion, a price-to-earnings ratio of 15.02 and a beta of 1.30.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. The company had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue was up 10.8% compared to the same quarter last year. During the same period last year, the business posted $0.81 earnings per share. As a group, equities analysts anticipate that Bank of America Corporation 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, December 26th. Shareholders of record on Friday, December 5th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, December 5th. Bank of America’s dividend payout ratio is presently 30.52%.

About Bank of America

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.