Bank of America Co. (NYSE:BAC) Stock Holdings Raised by Patrick M Sweeney & Associates Inc.

Patrick M Sweeney & Associates Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 125,646 shares of the financial services provider’s stock after acquiring an additional 10,346 shares during the quarter. Bank of America accounts for 3.9% of Patrick M Sweeney & Associates Inc.’s portfolio, making the stock its 5th biggest holding. Patrick M Sweeney & Associates Inc.’s holdings in Bank of America were worth $5,243,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of BAC. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bank of America by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock worth $173,168,000 after buying an additional 173,021 shares during the period. OFI Invest Asset Management bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System boosted its holdings in shares of Bank of America by 0.5% in the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after purchasing an additional 10,377 shares during the period. Gradient Investments LLC grew its stake in Bank of America by 7.8% in the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock worth $29,061,000 after purchasing an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH increased its holdings in Bank of America by 1.1% during the 4th quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock worth $152,006,000 after purchasing an additional 38,258 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC opened at $45.01 on Monday. The stock has a 50-day moving average of $40.71 and a two-hundred day moving average of $43.46. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The stock 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. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on BAC. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their price objective on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Argus lowered their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler reduced their price objective on shares of Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and a consensus price target 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.