Bank of America Corporation (NYSE:BAC) Holdings Lifted by PDS Planning Inc

PDS Planning Inc increased its holdings in Bank of America Corporation (NYSE:BAC) by 7.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,176 shares of the financial services provider’s stock after acquiring an additional 1,913 shares during the period. PDS Planning Inc’s holdings in Bank of America were worth $1,176,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of BAC. Norges Bank purchased a new stake in shares of Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors increased its stake in Bank of America by 23.9% in 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 buying an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD lifted its position in 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 worth $5,381,126,000 after buying an additional 11,691,451 shares in the last quarter. Amundi lifted its position in Bank of America by 37.1% in the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after buying an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Bank of America by 17.2% during the 4th 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 during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 0.4%

Bank of America stock opened at $46.85 on Thursday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The firm has a fifty day moving average price of $42.91 and a two-hundred day moving average price of $43.33. The firm has a market cap of $352.87 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 1.26 and a beta of 1.30.

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

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BAC. Morgan Stanley boosted their price target on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. UBS Group raised their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods lowered their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.40.

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.