First National Bank of Hutchinson lifted its stake in Bank of America Corp (NYSE:BAC) by 23.7% in the 1st quarter, Holdings Channel reports. The firm owned 17,281 shares of the financial services provider’s stock after acquiring an additional 3,313 shares during the period. First National Bank of Hutchinson’s holdings in Bank of America were worth $503,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Cranbrook Wealth Management LLC raised its position in shares of Bank of America by 86.1% in the 4th quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 500 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $31,000. Paragon Capital Management LLC purchased a new position in shares of Bank of America in the 1st quarter valued at approximately $33,000. Semmax Financial Advisors Inc. purchased a new position in shares of Bank of America in the 4th quarter valued at approximately $34,000. Finally, NewSquare Capital LLC raised its position in shares of Bank of America by 50.0% in the 4th quarter. NewSquare Capital LLC now owns 1,500 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 500 shares during the last quarter. 63.40% of the stock is owned by hedge funds and other institutional investors.
BAC has been the topic of several research reports. Zacks Investment Research upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a report on Tuesday, March 12th. UBS Group set a $33.00 price target on shares of Bank of America and gave the stock a “buy” rating in a report on Saturday, February 2nd. Jefferies Financial Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a report on Wednesday, April 17th. HSBC initiated coverage on shares of Bank of America in a report on Thursday, April 4th. They issued a “hold” rating and a $29.00 price target on the stock. Finally, ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. Bank of America has a consensus rating of “Hold” and a consensus target price of $32.98.
Shares of NYSE:BAC opened at $28.18 on Friday. Bank of America Corp has a twelve month low of $22.66 and a twelve month high of $31.91. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $288.67 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 1.26 and a beta of 1.49.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. The business had revenue of $23 billion for the quarter, compared to analysts’ expectations of $23.24 billion. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the company earned $0.62 EPS. On average, analysts forecast that Bank of America Corp will post 2.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.13%. Bank of America’s payout ratio is 22.99%.
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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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