Bank of America Corporation (NYSE:BAC) Shares Purchased by Sargent Investment Group LLC

Sargent Investment Group LLC boosted its stake in Bank of America Corporation (NYSE:BAC) by 2.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 83,675 shares of the financial services provider’s stock after acquiring an additional 2,047 shares during the quarter. Sargent Investment Group LLC’s holdings in Bank of America were worth $3,492,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Graney & King LLC acquired a new position in shares of Bank of America during the 4th quarter valued at about $25,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the 4th quarter valued at about $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the 4th quarter valued at about $31,000. Spurstone Advisory Services LLC acquired a new position in shares of Bank of America during the 4th quarter valued at about $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 276 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Bank of America from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, June 23rd. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Royal Bank Of Canada set a $53.00 price target on Bank of America and gave the company an “outperform” rating in a report on Monday, June 30th. Cfra Research upped their price target on Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, Argus lowered their price target on Bank of America from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.03.

Bank of America Trading Up 0.7%

NYSE:BAC opened at $47.33 on Friday. The company has a market capitalization of $356.48 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.29 and a beta of 1.30. The stock has a fifty day simple moving average of $45.53 and a 200-day simple moving average of $43.64. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS 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 analysts’ expectations of $26.79 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.81%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. On average, equities research analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, June 6th. Bank of America’s payout ratio is 30.41%.

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.