Bank of America Corporation (NYSE:BAC) Shares Acquired by Navis Wealth Advisors LLC

Navis Wealth Advisors LLC boosted its stake in Bank of America Corporation (NYSE:BAC) by 68.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 12,317 shares of the financial services provider’s stock after purchasing an additional 5,000 shares during the period. Navis Wealth Advisors LLC’s holdings in Bank of America were worth $514,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after purchasing an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors raised its stake in 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 valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of 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 worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Up 1.8%

Shares of NYSE:BAC opened at $46.32 on Tuesday. The company has a 50 day moving average of $42.55 and a two-hundred day moving average of $43.28. The company has a market capitalization of $348.88 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08. 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 (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. As a group, analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid 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 yield of 2.25%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BAC shares. Argus reduced their price objective on shares of 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. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. Barclays decreased their price target 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, Cfra Research lifted their price objective on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

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.