Seelaus Asset Management LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Seelaus Asset Management LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 4.5% in the 1st quarter, Holdings Channel.com reports. The fund owned 13,086 shares of the financial services provider’s stock after purchasing an additional 568 shares during the period. Seelaus Asset Management LLC’s holdings in Bank of America were worth $539,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. New World Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $471,000. EagleClaw Capital Managment LLC grew its stake in Bank of America by 0.8% in the 3rd quarter. EagleClaw Capital Managment LLC now owns 92,730 shares of the financial services provider’s stock worth $3,934,000 after buying an additional 778 shares in the last quarter. Verition Fund Management LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $551,000. Summit Trail Advisors LLC grew its stake in Bank of America by 12.0% in the 3rd quarter. Summit Trail Advisors LLC now owns 31,958 shares of the financial services provider’s stock worth $1,357,000 after buying an additional 3,420 shares in the last quarter. Finally, Studio Investment Management LLC purchased a new position in Bank of America in the 3rd quarter worth approximately $2,626,000. 70.46% of the stock is owned by institutional investors.

A number of equities analysts have commented on the stock. Piper Sandler cut their price target on shares of Bank of America from $57.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. The Goldman Sachs Group lowered their price objective on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, April 20th. Robert W. Baird upgraded shares of Bank of America from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a report on Tuesday, March 8th. BMO Capital Markets lowered their price objective on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating for the company in a report on Tuesday, April 19th. Finally, StockNews.com started coverage on shares of Bank of America in a report on Thursday, March 31st. They issued a “hold” rating for the company. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $50.10.

NYSE:BAC opened at $32.60 on Thursday. The firm’s 50-day moving average price is $35.77 and its 200-day moving average price is $41.44. The company has a market capitalization of $262.65 billion, a PE ratio of 9.31, a P/E/G ratio of 1.40 and a beta of 1.38. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.74 and a quick ratio of 0.74. Bank of America Co. has a 1-year low of $30.86 and a 1-year high of $50.11.

Bank of America (NYSE:BACGet Rating) last released its earnings results on Monday, April 18th. The financial services provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.04. The firm had revenue of $23.20 billion for the quarter, compared to the consensus estimate of $23.09 billion. Bank of America had a net margin of 32.84% and a return on equity of 12.55%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 EPS. Equities analysts anticipate that Bank of America Co. will post 3.34 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 3rd will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.58%. The ex-dividend date is Thursday, June 2nd. Bank of America’s dividend payout ratio (DPR) is 24.00%.

About Bank of America (Get Rating)

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.

Featured Stories

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:BACGet Rating).

Institutional Ownership by Quarter for Bank of America (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.