55I LLC raised its position in shares of Bank of America Co. (NYSE:BAC) by 13.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,863 shares of the financial services provider’s stock after purchasing an additional 1,985 shares during the period. 55I LLC’s holdings in Bank of America were worth $652,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of BAC. Carlson Capital Management acquired a new position in Bank of America during the 4th quarter valued at about $265,000. Donaldson Capital Management LLC lifted its stake in shares of Bank of America by 6.3% in the 4th quarter. Donaldson Capital Management LLC now owns 20,075 shares of the financial services provider’s stock worth $608,000 after acquiring an additional 1,190 shares during the period. Albert D Mason Inc. lifted its stake in shares of Bank of America by 32.3% in the 4th quarter. Albert D Mason Inc. now owns 15,005 shares of the financial services provider’s stock worth $455,000 after acquiring an additional 3,660 shares during the period. Cypress Capital Group lifted its stake in shares of Bank of America by 2.0% in the 4th quarter. Cypress Capital Group now owns 47,073 shares of the financial services provider’s stock worth $1,427,000 after acquiring an additional 904 shares during the period. Finally, Bainco International Investors lifted its stake in shares of Bank of America by 44.9% in the 4th quarter. Bainco International Investors now owns 465,903 shares of the financial services provider’s stock worth $14,122,000 after acquiring an additional 144,343 shares during the period. 68.10% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the stock. Barclays upped their price target on shares of Bank of America from $40.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 7th. Robert W. Baird reiterated a “neutral” rating and issued a $42.00 target price on shares of Bank of America in a report on Monday. UBS Group set a $30.00 target price on shares of Bank of America and gave the stock a “neutral” rating in a report on Tuesday, January 19th. Morgan Stanley boosted their target price on shares of Bank of America from $36.00 to $38.00 and gave the stock an “underweight” rating in a report on Monday, March 8th. Finally, Jefferies Financial Group boosted their target price on shares of Bank of America from $33.00 to $41.00 and gave the stock a “hold” rating in a report on Friday, April 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $38.26.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Thursday, April 15th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.21. The business had revenue of $22.80 billion during the quarter, compared to the consensus estimate of $21.67 billion. Bank of America had a net margin of 19.50% and a return on equity of 8.00%. Bank of America’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. On average, research analysts expect that Bank of America Co. will post 1.84 EPS for the current fiscal year.
Bank of America announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 19th that authorizes the company to repurchase $2.90 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 25th. Shareholders of record on Friday, June 4th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Thursday, June 3rd. Bank of America’s dividend payout ratio (DPR) is presently 24.49%.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
Further Reading: Dual Listing What You Need to Know
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.