Griffin Asset Management Inc. Buys 1,080 Shares of Bank of America Co. (NYSE:BAC)

Griffin Asset Management Inc. raised its stake in Bank of America Co. (NYSE:BAC) by 0.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 324,954 shares of the financial services provider’s stock after buying an additional 1,080 shares during the period. Bank of America accounts for 1.5% of Griffin Asset Management Inc.’s holdings, making the stock its 18th largest holding. Griffin Asset Management Inc.’s holdings in Bank of America were worth $12,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Bank of America during the fourth quarter valued at about $3,734,407,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after purchasing an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares during the last quarter. Parnassus Investments LLC increased its holdings in Bank of America by 7.8% in the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock valued at $1,363,928,000 after purchasing an additional 2,935,040 shares during the period. Finally, Capital World Investors raised its position in Bank of America by 12.1% during the 4th quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after purchasing an additional 4,338,679 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.3 %

Shares of NYSE BAC traded up $0.52 during midday trading on Friday, hitting $39.77. 52,028,200 shares of the stock traded hands, compared to its average volume of 35,164,596. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year 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 $36.06. The company has a market cap of $311.02 billion, a PE ratio of 13.76, a P/E/G ratio of 1.50 and a beta of 1.36.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the firm earned $0.94 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the topic of a number of analyst reports. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday, April 19th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Hold” and a consensus target price of $39.79.

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.