34,683 Shares in Bank of America Corporation (NYSE:BAC) Acquired by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. purchased a new position in shares of Bank of America Corporation (NYSE:BAC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,683 shares of the financial services provider’s stock, valued at approximately $1,447,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. TAGStone Capital Inc. boosted its stake in Bank of America by 1.2% during the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after buying an additional 227 shares in the last quarter. Hayek Kallen Investment Management boosted its stake in Bank of America by 2.0% during the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after buying an additional 233 shares in the last quarter. Continuum Advisory LLC boosted its stake in Bank of America by 1.4% during the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after buying an additional 237 shares in the last quarter. Menard Financial Group LLC boosted its stake in Bank of America by 1.2% during the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after buying an additional 240 shares in the last quarter. Finally, Hancock Whitney Corp boosted its stake in shares of Bank of America by 0.3% in the 4th quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider’s stock valued at $3,920,000 after purchasing an additional 260 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $47.04 on Tuesday. The stock has a market capitalization of $354.29 billion, a P/E ratio of 14.00, a P/E/G ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $45.11 and a two-hundred day moving average price of $43.57.

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

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.21%. Bank of America’s dividend payout ratio is currently 30.95%.

Analysts Set New Price Targets

Several brokerages have recently commented on BAC. Citigroup boosted their target price on shares of Bank of America from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, June 26th. Wall Street Zen downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Keefe, Bruyette & Woods reduced their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. TD Cowen began coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price on the stock. Finally, Barclays reduced their target price 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.89.

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.