Dover Advisors LLC Boosts Stock Holdings in Bank of America Co. (NYSE:BAC)

Dover Advisors LLC boosted its position in shares of Bank of America Co. (NYSE:BAC) by 39.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 13,230 shares of the financial services provider’s stock after buying an additional 3,735 shares during the period. Dover Advisors LLC’s holdings in Bank of America were worth $552,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Graney & King LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $29,000. Vega Investment Solutions purchased a new stake in Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Bank of America during the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new stake in Bank of America during the 4th quarter worth approximately $34,000. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Oppenheimer reiterated an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Phillip Securities upgraded Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Argus dropped their price target on 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. Cfra Research upped their price target on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Finally, Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.69.

Bank of America Trading Down 1.3%

BAC opened at $44.04 on Friday. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The business has a fifty day simple moving average of $41.50 and a 200-day simple moving average of $43.42. The firm has a market cap of $331.67 billion, a P/E ratio of 13.68, 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 (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. Bank of America’s dividend payout ratio is currently 30.95%.

Bank of America Company 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.