Franklin Street Advisors Inc. NC Has $458,000 Position in Bank of America Co. (NYSE:BAC)

Franklin Street Advisors Inc. NC raised its stake in Bank of America Co. (NYSE:BAC) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,975 shares of the financial services provider’s stock after purchasing an additional 278 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Bank of America were worth $458,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Collier Financial acquired a new position in shares of Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc increased its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $29,000. Finally, Vega Investment Solutions acquired a new position in shares of Bank of America in the fourth quarter valued at $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $45.00 to $50.00 in a report on Friday, March 7th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. JPMorgan Chase & Co. decreased their price target on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Finally, Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Stock Up 0.5%

BAC stock opened at $45.11 on Wednesday. The stock has a market capitalization of $339.73 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick 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. The firm has a 50-day moving average price of $40.93 and a 200-day moving average price of $43.46.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations 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, equities research analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

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