Meeder Asset Management Inc. boosted its position in Bank of America (NYSE:BAC) by 16.1% during the first quarter, Holdings Channel reports. The fund owned 369,337 shares of the financial services provider’s stock after buying an additional 51,244 shares during the quarter. Bank of America makes up 1.0% of Meeder Asset Management Inc.’s portfolio, making the stock its 12th biggest position. Meeder Asset Management Inc.’s holdings in Bank of America were worth $11,077,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently made changes to their positions in BAC. Burt Wealth Advisors increased its stake in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after acquiring an additional 4,294 shares during the last quarter. HWG Holdings LP bought a new position in Bank of America in the third quarter valued at approximately $116,000. Avestar Capital LLC bought a new position in Bank of America in the fourth quarter valued at approximately $135,000. Gradient Investments LLC bought a new position in Bank of America in the fourth quarter valued at approximately $150,000. Finally, Taylor Hoffman Wealth Management bought a new position in Bank of America in the fourth quarter valued at approximately $151,000. 69.87% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on BAC shares. Barclays lifted their price objective on shares of Bank of America from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 17th. Vetr lowered shares of Bank of America from a “hold” rating to a “sell” rating and set a $28.21 target price on the stock. in a research report on Tuesday, February 13th. Royal Bank of Canada raised their target price on shares of Bank of America to $35.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. ValuEngine lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Finally, Zacks Investment Research lowered shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Nine investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $32.13.
Shares of Bank of America opened at $31.12 on Tuesday, Marketbeat Ratings reports. The firm has a market cap of $316.73 billion, a PE ratio of 17.01, a price-to-earnings-growth ratio of 1.51 and a beta of 1.37. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. Bank of America has a 52 week low of $31.03 and a 52 week high of $31.22.
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, topping 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 net margin of 19.65% and a return on equity of 9.40%. Bank of America’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 earnings per share. equities analysts anticipate that Bank of America will post 2.55 earnings per share for the current year.
The firm 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 dividend of $0.12 per share. 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 1.54%. Bank of America’s dividend payout ratio (DPR) is presently 26.23%.
Bank of America Profile
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.
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 (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.