Perkins Coie Trust Co Increases Stake in Bank of America Co. (NYSE:BAC)

Perkins Coie Trust Co increased its position in Bank of America Co. (NYSE:BAC) by 67.8% in the 1st quarter, HoldingsChannel reports. The fund owned 1,047 shares of the financial services provider’s stock after purchasing an additional 423 shares during the period. Perkins Coie Trust Co’s holdings in Bank of America were worth $44,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank boosted its stake in Bank of America by 1.8% in the 1st quarter. Piscataqua Savings Bank now owns 56,349 shares of the financial services provider’s stock worth $2,351,000 after purchasing an additional 995 shares during the period. Princeton Global Asset Management LLC boosted its stake in Bank of America by 1.5% in the 1st quarter. Princeton Global Asset Management LLC now owns 96,871 shares of the financial services provider’s stock worth $4,042,000 after purchasing an additional 1,404 shares during the period. Independence Bank of Kentucky boosted its stake in Bank of America by 14.9% in the 1st quarter. Independence Bank of Kentucky now owns 45,650 shares of the financial services provider’s stock worth $1,905,000 after purchasing an additional 5,921 shares during the period. Impact Capital Partners LLC boosted its stake in Bank of America by 5.1% in the 1st quarter. Impact Capital Partners LLC now owns 9,606 shares of the financial services provider’s stock worth $401,000 after purchasing an additional 465 shares during the period. Finally, Cranbrook Wealth Management LLC boosted its stake in Bank of America by 41.2% in the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 306 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of Bank of America stock opened at $45.01 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The business’s 50 day simple moving average is $40.71 and its two-hundred day simple moving average is $43.50. The stock has a market capitalization of $339.01 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BAC. Royal Bank of Canada cut their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Cowen started coverage on Bank of America in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Citigroup dropped their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Bank of America Profile

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.