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 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.
Read Our Latest Research Report on BAC
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.
Read More
- Five stocks we like better than Bank of America
- What is a Stock Market Index and How Do You Use Them?
- Upwork Stock’s Outlook: Numbers Solid Despite Gen-AI Challenges
- Investing In Preferred Stock vs. Common Stock
- What’s Behind Walgreens Stock Plunge: What Investors Can Do Next
- 3 REITs to Buy and Hold for the Long Term
- MarketBeat Week in Review – 6/24 – 6/28
Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BAC – Free Report).
Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.