Coastline Trust Co increased its stake in Bank of America Corp (NYSE:BAC) by 2.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 96,408 shares of the financial services provider’s stock after purchasing an additional 1,910 shares during the quarter. Coastline Trust Co’s holdings in Bank of America were worth $2,660,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Cranbrook Wealth Management LLC boosted its position in shares of Bank of America by 86.1% during the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 500 shares in the last quarter. Paragon Capital Management LLC purchased a new stake in shares of Bank of America during the 1st quarter worth $33,000. Karp Capital Management Corp purchased a new stake in shares of Bank of America during the 4th quarter worth $31,000. Semmax Financial Advisors Inc. purchased a new stake in shares of Bank of America during the 4th quarter worth $34,000. Finally, Intercontinental Wealth Advisors LLC purchased a new stake in shares of Bank of America during the 4th quarter worth $41,000. Institutional investors and hedge funds own 68.19% of the company’s stock.
Shares of NYSE BAC traded up $0.15 on Wednesday, reaching $27.91. 37,089,074 shares of the company traded hands, compared to its average volume of 57,312,715. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.91. The firm’s 50 day moving average is $28.22. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $266.58 billion, a PE ratio of 10.69, a PEG ratio of 1.09 and a beta of 1.54.
Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The company had revenue of $23 billion during the quarter, compared to the consensus estimate of $23.24 billion. During the same quarter in the prior year, the company posted $0.62 EPS. The company’s quarterly revenue was down .4% compared to the same quarter last year. As a group, analysts anticipate that Bank of America Corp will post 2.85 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, June 6th. Bank of America’s payout ratio is currently 22.99%.
In other news, insider Dean C. Athanasia sold 129,615 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now owns 243,617 shares in the company, valued at approximately $7,254,914.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is currently owned by insiders.
Several research analysts have recently issued reports on the company. ValuEngine raised Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Zacks Investment Research downgraded Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Berenberg Bank set a $30.00 price target on Bank of America and gave the stock a “hold” rating in a research note on Monday, June 17th. HSBC began coverage on shares of Bank of America in a research note on Thursday, April 4th. They issued a “hold” rating and a $29.00 target price for the company. Finally, BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the stock. Bank of America currently has a consensus rating of “Hold” and an average price target of $32.75.
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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