Bank of America Co. (NYSE:BAC) Shares Bought by AMI Investment Management Inc.

AMI Investment Management Inc. boosted its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,518 shares of the financial services provider’s stock after acquiring an additional 415 shares during the quarter. Bank of America comprises 1.4% of AMI Investment Management Inc.’s holdings, making the stock its 24th largest holding. AMI Investment Management Inc.’s holdings in Bank of America were worth $3,774,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the fourth quarter worth $28,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the first quarter worth $33,000. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the third quarter worth $25,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America during the fourth quarter worth $32,000. Finally, Mark Sheptoff Financial Planning LLC boosted its holdings in Bank of America by 431.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 862 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded up $0.52 during midday trading on Friday, reaching $39.77. 52,028,200 shares of the stock were exchanged, compared to its average volume of 35,164,596. The business’s 50-day moving average price is $38.91 and its 200 day moving average price is $36.12. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.34. The company has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.52 and a beta of 1.36.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for 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%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 EPS. On average, sell-side analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Jefferies Financial Group lifted their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America presently has an average 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.