Global Assets Advisory LLC Buys Shares of 44,349 Bank of America Co. (NYSE:BAC)

Global Assets Advisory LLC bought a new stake in shares of Bank of America Co. (NYSE:BACFree Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 44,349 shares of the financial services provider’s stock, valued at approximately $1,682,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Livelsberger Financial Advisory bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $28,000. Northwest Investment Counselors LLC bought a new stake in shares of Bank of America in the 1st quarter valued at approximately $33,000. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter valued at approximately $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America in the 4th quarter valued at approximately $32,000. Finally, Mark Sheptoff Financial Planning LLC grew its stake in shares of Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after buying an additional 862 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of several analyst reports. HSBC restated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Citigroup boosted their target price on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Jefferies Financial Group boosted their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a report on Friday, April 19th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Hold” and an average target price of $39.79.

Read Our Latest Report on BAC

Bank of America Stock Performance

BAC opened at $39.38 on Wednesday. The stock has a market cap of $307.97 billion, a PE ratio of 13.63, a P/E/G ratio of 1.53 and a beta of 1.36. 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 1 year low of $24.96 and a 1 year high of $40.34. The stock’s 50 day simple moving average is $38.71 and its 200-day simple moving average is $35.95.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 earnings per share. Sell-side analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Bank of America Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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