Princeton Global Asset Management LLC Acquires 1,404 Shares of Bank of America Co. (NYSE:BAC)

Princeton Global Asset Management LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 1.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,871 shares of the financial services provider’s stock after buying an additional 1,404 shares during the period. Princeton Global Asset Management LLC’s holdings in Bank of America were worth $4,042,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Independence Bank of Kentucky boosted its stake in shares of Bank of America by 14.9% during the 1st quarter. Independence Bank of Kentucky now owns 45,650 shares of the financial services provider’s stock worth $1,905,000 after acquiring an additional 5,921 shares during the period. Impact Capital Partners LLC raised its stake in Bank of America by 5.1% in the 1st quarter. Impact Capital Partners LLC now owns 9,606 shares of the financial services provider’s stock valued at $401,000 after acquiring an additional 465 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in Bank of America by 41.2% during the 1st quarter. Cranbrook Wealth Management LLC now owns 1,049 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 306 shares during the last quarter. Udine Wealth Management Inc. boosted its position in Bank of America by 6.5% during the first quarter. Udine Wealth Management Inc. now owns 217,833 shares of the financial services provider’s stock worth $9,090,000 after purchasing an additional 13,286 shares during the period. Finally, Sard Wealth Management Group LLC increased its holdings in shares of Bank of America by 10.4% in the first quarter. Sard Wealth Management Group LLC now owns 5,633 shares of the financial services provider’s stock valued at $235,000 after purchasing an additional 530 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

BAC stock opened at $45.01 on Friday. The company’s 50-day moving average price is $40.71 and its two-hundred day moving average price is $43.50. The firm has a market cap of $339.01 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio is presently 30.95%.

Analyst Ratings Changes

A number of research firms have recently issued reports on BAC. Oppenheimer restated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Evercore ISI reduced their price objective on Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Robert W. Baird raised Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Citigroup decreased their price objective on Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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 in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.