Sontag Advisory LLC increased its position in Bank of America Corp (NYSE:BAC) by 293.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 116,647 shares of the financial services provider’s stock after purchasing an additional 87,004 shares during the period. Sontag Advisory LLC’s holdings in Bank of America were worth $2,476,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Cox Capital Mgt LLC purchased a new stake in Bank of America during the 1st quarter valued at approximately $27,000. Center for Financial Planning Inc. raised its stake in Bank of America by 122.7% during the 1st quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 750 shares during the last quarter. Stonebridge Financial Planning Group LLC raised its stake in Bank of America by 208.0% during the 1st quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 1,009 shares during the last quarter. Firestone Capital Management raised its stake in Bank of America by 39.0% during the 1st quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 501 shares during the last quarter. Finally, Semmax Financial Advisors Inc. raised its stake in Bank of America by 490.1% during the 1st quarter. Semmax Financial Advisors Inc. now owns 1,965 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 1,632 shares during the last quarter. 69.26% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of America stock opened at $25.02 on Tuesday. Bank of America Corp has a fifty-two week low of $17.95 and a fifty-two week high of $35.72. The firm has a market cap of $209.26 billion, a PE ratio of 10.09, a P/E/G ratio of 2.33 and a beta of 1.58. The business’s fifty day moving average is $23.00 and its two-hundred day moving average is $28.97. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 1.06.
Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.20). Bank of America had a return on equity of 10.64% and a net margin of 21.64%. The business had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $22.58 billion. During the same period in the prior year, the company earned $0.70 EPS. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities research analysts anticipate that Bank of America Corp will post 1.48 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, June 4th. Bank of America’s dividend payout ratio is presently 24.49%.
Several analysts have commented on the company. DA Davidson upped their price objective on Bank of America from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Citigroup dropped their target price on Bank of America from $30.00 to $27.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Cfra dropped their target price on Bank of America from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Deutsche Bank boosted their target price on Bank of America from $25.00 to $27.00 and gave the stock a “hold” rating in a research report on Thursday, April 2nd. Finally, Goldman Sachs Group upgraded Bank of America from a “neutral” rating to a “buy” rating in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $29.42.
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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