Palladium Partners LLC increased its position in shares of Bank of America (NYSE:BAC) by 173.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 428,233 shares of the financial services provider’s stock after buying an additional 271,915 shares during the quarter. Palladium Partners LLC’s holdings in Bank of America were worth $12,842,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Sandy Spring Bank grew its holdings in shares of Bank of America by 2.0% during the first quarter. Sandy Spring Bank now owns 91,807 shares of the financial services provider’s stock worth $2,754,000 after buying an additional 1,762 shares in the last quarter. LSV Asset Management grew its holdings in shares of Bank of America by 0.7% during the first quarter. LSV Asset Management now owns 29,892,545 shares of the financial services provider’s stock worth $896,477,000 after buying an additional 221,600 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in shares of Bank of America by 20.1% during the first quarter. Picton Mahoney Asset Management now owns 888,700 shares of the financial services provider’s stock worth $26,653,000 after buying an additional 148,500 shares in the last quarter. B. Riley Financial Inc. bought a new position in shares of Bank of America during the first quarter worth about $213,000. Finally, Evermay Wealth Management LLC grew its holdings in shares of Bank of America by 110.8% during the first quarter. Evermay Wealth Management LLC now owns 23,999 shares of the financial services provider’s stock worth $720,000 after buying an additional 12,615 shares in the last quarter. Institutional investors and hedge funds own 69.87% of the company’s stock.
BAC has been the subject of a number of research reports. Credit Suisse Group increased their price objective on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Friday, March 16th. Citigroup increased their price objective on Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, April 24th. Vetr upgraded Bank of America from a “hold” rating to a “buy” rating and set a $34.16 price objective for the company in a report on Thursday, March 1st. ValuEngine upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Jefferies Group reiterated a “buy” rating and set a $34.00 price objective on shares of Bank of America in a report on Tuesday, April 17th. Nine analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $32.13.
BAC opened at $30.26 on Friday. Bank of America has a 12-month low of $22.07 and a 12-month high of $33.05. The company has a market capitalization of $309.97 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 1.48 and a beta of 1.37. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.
Bank of America (NYSE:BAC) last released its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.03. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The company had revenue of $23.10 billion during the quarter, compared to analysts’ expectations of $23.04 billion. During the same period last year, the firm posted $0.41 earnings per share. The business’s revenue was up 4.1% on a year-over-year basis. equities research analysts anticipate that Bank of America will post 2.55 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 1st will be given a $0.12 dividend. The ex-dividend date is Thursday, May 31st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. Bank of America’s payout ratio is 26.23%.
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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