Bank of America Co. (NYSE:BAC) Shares Purchased by Financial Management Professionals Inc.

Financial Management Professionals Inc. boosted its holdings in Bank of America Co. (NYSE:BAC) by 26.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,016 shares of the financial services provider’s stock after buying an additional 2,939 shares during the period. Financial Management Professionals Inc.’s holdings in Bank of America were worth $531,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after purchasing an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd raised its holdings in shares of Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after purchasing an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Finally, Darsana Capital Partners LP purchased a new position in shares of Bank of America in the 3rd quarter worth about $177,970,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on BAC. BMO Capital Markets raised their target price on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. JPMorgan Chase & Co. raised their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and raised their target price for the company from $37.00 to $46.00 in a report on Friday, June 14th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. 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.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America Price Performance

Shares of BAC opened at $39.77 on Friday. The firm has a market cap of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.50 and a beta of 1.36. The stock has a 50 day moving average of $38.91 and a 200-day moving average of $36.06. 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 52 week low of $24.96 and a 52 week high of $40.34.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate 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 company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the firm earned $0.94 EPS. The business’s revenue was down 1.7% on a year-over-year basis. As a group, analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is currently 33.22%.

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.