Bank of America Co. (NYSE:BAC) Shares Acquired by BKM Wealth Management LLC

BKM Wealth Management LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 30.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,243 shares of the financial services provider’s stock after purchasing an additional 1,213 shares during the quarter. BKM Wealth Management LLC’s holdings in Bank of America were worth $199,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in BAC. Norges Bank acquired a new stake in Bank of America in the 4th quarter valued at approximately $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Bank of America by 360.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock valued at $1,255,514,000 after acquiring an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd increased its position in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock valued at $474,150,000 after acquiring an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD increased its position in Bank of America by 10.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock valued at $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Finally, Fisher Asset Management LLC increased its position in Bank of America by 17.1% in the 4th quarter. Fisher Asset Management LLC now owns 37,654,279 shares of the financial services provider’s stock valued at $1,267,820,000 after acquiring an additional 5,488,790 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on BAC. JPMorgan Chase & Co. raised their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods upgraded Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Finally, StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Stock Performance

Shares of Bank of America stock opened at $40.01 on Tuesday. The stock has a market cap of $312.89 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The business has a fifty day simple moving average of $38.91 and a 200-day simple moving average of $36.12. 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 12 month low of $24.96 and a 12 month high of $40.34.

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

Bank of America Dividend Announcement

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

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.