Bank of America Co. (NYSE:BAC) Shares Bought by Everhart Financial Group Inc.

Everhart Financial Group Inc. grew its stake in shares of Bank of America Co. (NYSE:BAC) by 4.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 38,717 shares of the financial services provider’s stock after buying an additional 1,726 shares during the period. Everhart Financial Group Inc.’s holdings in Bank of America were worth $1,616,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Norges Bank purchased a new position in shares of Bank of America in the 4th quarter worth about $5,226,989,000. Capital World Investors grew its holdings in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares in the last quarter. Amundi raised its holdings in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock valued at $1,747,658,000 after buying an additional 10,231,001 shares during the period. Finally, Northern Trust Corp lifted its position in Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after buying an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of NYSE BAC opened at $44.61 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $336.00 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The business has a 50 day simple moving average of $41.32 and a 200-day simple moving average of $43.44.

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

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.33%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of several recent research reports. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research report on Thursday, May 22nd. Argus cut their price objective on Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. The Goldman Sachs Group boosted their price objective on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday. Royal Bank of Canada lowered their target price on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods reduced their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

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.