IHT Wealth Management LLC raised its holdings in Bank of America Corp (NYSE:BAC) by 2.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 52,238 shares of the financial services provider’s stock after buying an additional 1,047 shares during the quarter. IHT Wealth Management LLC’s holdings in Bank of America were worth $1,109,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of BAC. Norges Bank acquired a new stake in Bank of America in the 4th quarter worth approximately $3,442,092,000. Wealth Quarterback LLC purchased a new position in Bank of America in the 4th quarter worth $6,050,510,000. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Bank of America by 1.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 34,603,600 shares of the financial services provider’s stock worth $734,634,000 after acquiring an additional 581,152 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Bank of America by 11,950.9% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 26,813,708 shares of the financial services provider’s stock worth $942,522,000 after acquiring an additional 26,591,205 shares during the period. Finally, Amundi Pioneer Asset Management Inc. grew its stake in Bank of America by 23.0% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 16,716,793 shares of the financial services provider’s stock valued at $588,765,000 after purchasing an additional 3,121,325 shares during the last quarter. 69.26% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America stock traded up $0.39 on Tuesday, reaching $25.00. The company’s stock had a trading volume of 23,161,476 shares, compared to its average volume of 69,804,120. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $218.50 billion, a P/E ratio of 10.32, a PEG ratio of 2.33 and a beta of 1.58. The stock has a 50-day moving average price of $23.00 and a 200-day moving average price of $28.97. Bank of America Corp has a 52-week low of $17.95 and a 52-week high of $35.72.
Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.20). The company had revenue of $22.77 billion during the quarter, compared to analyst estimates of $22.58 billion. Bank of America had a net margin of 21.64% and a return on equity of 10.64%. Bank of America’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.70 EPS. Sell-side analysts forecast that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.72 annualized dividend and a dividend yield of 2.88%. Bank of America’s dividend payout ratio (DPR) is 24.49%.
A number of research firms recently commented on BAC. Wells Fargo & Co decreased their target price on Bank of America from $36.00 to $32.00 and set an “overweight” rating for the company in a report on Wednesday, April 1st. Oppenheimer raised their price target on shares of Bank of America from $30.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price objective on the stock in a report on Tuesday, March 17th. Morgan Stanley reduced their target price on shares of Bank of America from $30.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, March 27th. Finally, DA Davidson boosted their target price on shares of Bank of America from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $29.42.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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