Aviance Capital Partners LLC Raises Stock Holdings in Bank of America Co. (NYSE:BAC)

Aviance Capital Partners LLC boosted its stake in shares of Bank of America Co. (NYSE:BAC) by 55.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,770 shares of the financial services provider’s stock after buying an additional 8,076 shares during the quarter. Aviance Capital Partners LLC’s holdings in Bank of America were worth $863,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. LVW Advisors LLC grew its stake in shares of Bank of America by 19.9% in the first quarter. LVW Advisors LLC now owns 42,303 shares of the financial services provider’s stock valued at $1,604,000 after buying an additional 7,034 shares in the last quarter. Citizens Business Bank increased its stake in Bank of America by 4.4% during the first quarter. Citizens Business Bank now owns 77,314 shares of the financial services provider’s stock worth $2,932,000 after purchasing an additional 3,234 shares during the period. Mayfair Advisory Group LLC lifted its position in shares of Bank of America by 23.8% during the first quarter. Mayfair Advisory Group LLC now owns 9,824 shares of the financial services provider’s stock worth $373,000 after purchasing an additional 1,890 shares in the last quarter. Barry Investment Advisors LLC boosted its stake in shares of Bank of America by 11.6% in the first quarter. Barry Investment Advisors LLC now owns 15,697 shares of the financial services provider’s stock valued at $599,000 after purchasing an additional 1,633 shares during the period. Finally, Financial Partners Group LLC increased its stake in Bank of America by 19.7% during the 1st quarter. Financial Partners Group LLC now owns 51,717 shares of the financial services provider’s stock worth $1,961,000 after buying an additional 8,516 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Stock Up 0.6 %

BAC opened at $40.01 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The business has a 50 day moving average price of $38.91 and a two-hundred day moving average price of $36.12. The company has a market cap of $312.89 billion, a PE ratio of 13.84, a P/E/G ratio of 1.52 and a beta of 1.35.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. As a group, research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. Evercore ISI boosted their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. UBS Group restated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. BMO Capital Markets upped their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $39.79.

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.