Easterly Investment Partners LLC Has $26.31 Million Stock Holdings in Bank of America Corporation (NYSE:BAC)

Easterly Investment Partners LLC lowered its holdings in Bank of America Corporation (NYSE:BAC) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 630,510 shares of the financial services provider’s stock after selling 2,432 shares during the period. Bank of America comprises about 2.2% of Easterly Investment Partners LLC’s portfolio, making the stock its 2nd largest holding. Easterly Investment Partners LLC’s holdings in Bank of America were worth $26,311,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BAC. TAGStone Capital Inc. increased its holdings in Bank of America by 1.2% in the 4th 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 during the period. Hayek Kallen Investment Management grew its stake in shares of Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 233 shares during the period. Continuum Advisory LLC grew its stake in shares of Bank of America by 1.4% during the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the period. Menard Financial Group LLC grew its stake in shares of Bank of America by 1.2% during the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the period. Finally, Hancock Whitney Corp grew its stake in shares of Bank of America by 0.3% during the 4th quarter. Hancock Whitney Corp now owns 89,203 shares of the financial services provider’s stock worth $3,920,000 after purchasing an additional 260 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BAC. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, June 23rd. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. UBS Group increased their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research report on Friday, June 27th. Finally, Keefe, Bruyette & Woods decreased their target price 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Bank of America Stock Down 0.3%

Shares of NYSE:BAC opened at $46.00 on Thursday. The business has a 50-day moving average price of $45.32 and a 200 day moving average price of $43.60. 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 company has a market capitalization of $346.49 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $49.31.

Bank of America (NYSE:BAC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The company had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. Bank of America’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 EPS. Sell-side analysts expect that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Announces Dividend

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

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.