Bank of America (BAC) Shares Bought by Front Barnett Associates LLC

Front Barnett Associates LLC raised its holdings in Bank of America (NYSE:BAC) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 447,392 shares of the financial services provider’s stock after purchasing an additional 2,375 shares during the quarter. Bank of America makes up about 2.3% of Front Barnett Associates LLC’s investment portfolio, making the stock its 15th largest position. Front Barnett Associates LLC’s holdings in Bank of America were worth $13,417,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Abbrea Capital LLC increased its stake in shares of Bank of America by 2.6% in the 4th quarter. Abbrea Capital LLC now owns 61,950 shares of the financial services provider’s stock valued at $1,829,000 after buying an additional 1,566 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in shares of Bank of America by 4.9% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 35,372 shares of the financial services provider’s stock valued at $1,044,000 after buying an additional 1,660 shares during the period. Proficio Capital Partners LLC increased its stake in shares of Bank of America by 15.9% in the 4th quarter. Proficio Capital Partners LLC now owns 12,126 shares of the financial services provider’s stock valued at $358,000 after buying an additional 1,667 shares during the period. Wetherby Asset Management Inc. increased its stake in shares of Bank of America by 1.1% in the 4th quarter. Wetherby Asset Management Inc. now owns 151,271 shares of the financial services provider’s stock valued at $4,465,000 after buying an additional 1,694 shares during the period. Finally, Hanson McClain Inc. increased its stake in shares of Bank of America by 5.6% in the 4th quarter. Hanson McClain Inc. now owns 31,908 shares of the financial services provider’s stock valued at $942,000 after buying an additional 1,694 shares during the period. Hedge funds and other institutional investors own 67.22% of the company’s stock.

A number of equities research analysts recently commented on the company. Vetr cut Bank of America from a “buy” rating to a “hold” rating and set a $34.13 price objective for the company. in a research note on Monday, March 12th. ValuEngine raised Bank of America from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley lifted their price objective on Bank of America from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Credit Suisse Group lifted their price objective on Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, March 16th. Finally, Zacks Investment Research cut Bank of America from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Nine investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $32.13.

Shares of Bank of America opened at $30.21 on Friday, Marketbeat reports. The stock has a market capitalization of $311.82 billion, a PE ratio of 16.51, a PEG ratio of 1.49 and a beta of 1.37. Bank of America has a one year low of $22.07 and a one year high of $33.05. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.91 and a current ratio of 0.92.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Monday, April 16th. The financial services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03. The company had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.04 billion. Bank of America had a return on equity of 9.40% and a net margin of 19.65%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. analysts predict that Bank of America will post 2.55 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 1st will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. Bank of America’s dividend payout ratio (DPR) is 26.23%.

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.

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

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