Altman Advisors Inc. Has $1.99 Million Stake in Bank of America Corporation (NYSE:BAC)

Altman Advisors Inc. grew its stake in Bank of America Corporation (NYSE:BAC) by 1.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,795 shares of the financial services provider’s stock after purchasing an additional 905 shares during the period. Altman Advisors Inc.’s holdings in Bank of America were worth $1,986,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC boosted its holdings in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Bank of America by 35.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 860,005 shares of the financial services provider’s stock valued at $37,797,000 after purchasing an additional 226,246 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Bank of America by 65.3% during the fourth quarter. Proficio Capital Partners LLC now owns 20,252 shares of the financial services provider’s stock valued at $890,000 after purchasing an additional 7,999 shares in the last quarter. Harbour Investments Inc. boosted its holdings in Bank of America by 6.3% during the fourth quarter. Harbour Investments Inc. now owns 29,230 shares of the financial services provider’s stock valued at $1,285,000 after purchasing an additional 1,743 shares in the last quarter. Finally, Tocqueville Asset Management L.P. boosted its holdings in Bank of America by 1.4% during the fourth quarter. Tocqueville Asset Management L.P. now owns 473,818 shares of the financial services provider’s stock valued at $20,824,000 after purchasing an additional 6,769 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC stock opened at $46.09 on Wednesday. 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 $49.31. The firm has a market cap of $347.14 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.28 and a beta of 1.30. The stock has a 50-day moving average price of $45.21 and a 200 day moving average price of $43.58.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, meeting the consensus estimate of $0.89. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a $0.26 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BAC shares. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a report on Friday, June 27th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. cut their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. The Goldman Sachs Group boosted their target price on Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, June 10th. Finally, Keefe, Bruyette & Woods decreased their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

About Bank of America

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.