CGN Advisors LLC Boosts Holdings in Bank of America Co. (NYSE:BAC)

CGN Advisors LLC grew its position in Bank of America Co. (NYSE:BAC) by 23.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,562 shares of the financial services provider’s stock after acquiring an additional 1,633 shares during the quarter. CGN Advisors LLC’s holdings in Bank of America were worth $325,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BAC. Rossmore Private Capital boosted its stake in shares of Bank of America by 1.2% in the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after purchasing an additional 303 shares during the period. Regent Peak Wealth Advisors LLC lifted its holdings in Bank of America by 3.2% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after buying an additional 314 shares in the last quarter. Kennedy Investment Group boosted its position in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after buying an additional 321 shares during the period. Private Ocean LLC grew its stake in shares of Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. increased its position in shares of Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 334 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. StockNews.com downgraded Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. HSBC restated a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. JPMorgan Chase & Co. boosted their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Oppenheimer raised their price target on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. Finally, Wells Fargo & Company upped their price objective on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $39.79.

Bank of America Stock Performance

Shares of NYSE BAC traded up $0.53 during mid-day trading on Monday, hitting $40.02. 28,842,289 shares of the company were exchanged, compared to its average volume of 38,959,594. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $312.97 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The stock has a 50 day simple moving average of $38.61 and a 200-day simple moving average of $35.89. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

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.