Bank of America Corporation (NYSE:BAC) Stake Lifted by United Advisor Group LLC

United Advisor Group LLC increased its position in shares of Bank of America Corporation (NYSE:BAC) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,546 shares of the financial services provider’s stock after purchasing an additional 426 shares during the period. United Advisor Group LLC’s holdings in Bank of America were worth $774,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the fourth quarter valued at $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter valued at $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America in the 4th quarter worth $34,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BAC shares. Argus decreased 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. Citigroup decreased their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Barclays dropped their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They set a “buy” rating and a $53.00 target price for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.69.

Bank of America Stock Performance

Bank of America stock opened at $45.02 on Thursday. The stock has a 50-day simple moving average of $41.98 and a 200 day simple moving average of $43.35. The stock has a market capitalization of $339.09 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 1.20 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. The company had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. On average, research analysts anticipate that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date 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 (DPR) 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.