Smithbridge Asset Management Inc. DE Buys Shares of 11,012 Bank of America Co. (NYSE:BAC)

Smithbridge Asset Management Inc. DE bought a new stake in shares of Bank of America Co. (NYSE:BAC) in the 1st quarter, Holdings Channel reports. The firm bought 11,012 shares of the financial services provider’s stock, valued at approximately $460,000.

Several other large investors have also modified their holdings of the business. Brighton Jones LLC lifted its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after buying an additional 25,143 shares during the period. Sovran Advisors LLC purchased a new stake in Bank of America during the fourth quarter worth $272,000. Leavell Investment Management Inc. lifted its holdings in Bank of America by 37.4% during the fourth quarter. Leavell Investment Management Inc. now owns 15,951 shares of the financial services provider’s stock worth $701,000 after buying an additional 4,342 shares during the period. TFB Advisors LLC lifted its holdings in Bank of America by 3.8% during the fourth quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock worth $279,000 after buying an additional 230 shares during the period. Finally, Avidian Wealth Enterprises LLC lifted its holdings in Bank of America by 3.1% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 31,493 shares of the financial services provider’s stock worth $1,384,000 after buying an additional 949 shares during the period. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 0.3%

Bank of America stock opened at $44.61 on Friday. The firm has a market cap of $336.00 billion, a PE ratio of 13.85, a P/E/G ratio of 1.21 and a beta of 1.30. 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 firm’s 50 day moving average price is $41.32 and its two-hundred day moving average price is $43.44. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $26.83 billion. On average, research analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They set a “buy” rating for the company. TD Cowen began coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Evercore ISI decreased 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. Finally, Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.69.

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.