InterOcean Capital LLC grew its holdings in shares of Bank of America Corp (NYSE:BAC) by 10.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 481,084 shares of the financial services provider’s stock after acquiring an additional 46,320 shares during the quarter. InterOcean Capital LLC’s holdings in Bank of America were worth $10,213,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the business. TFO TDC LLC bought a new stake in shares of Bank of America in the fourth quarter worth about $26,000. Cox Capital Mgt LLC purchased a new stake in Bank of America in the 1st quarter worth approximately $27,000. Stonebridge Financial Planning Group LLC grew its position in shares of Bank of America by 208.0% in the 1st quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock worth $35,000 after buying an additional 1,009 shares during the last quarter. Sage Financial Group Inc. purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $38,000. Finally, Firestone Capital Management raised its holdings in shares of Bank of America by 39.0% during the first quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 501 shares in the last quarter. 70.08% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on BAC. Wolfe Research downgraded shares of Bank of America from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 25th. Wells Fargo & Co reduced their price target on shares of Bank of America from $36.00 to $32.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, May 12th. Credit Suisse Group reaffirmed a “buy” rating and set a $31.00 price objective on shares of Bank of America in a research report on Friday, April 17th. Finally, DA Davidson upped their target price on Bank of America from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $29.74.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.20). The firm had revenue of $22.77 billion for the quarter, compared to analysts’ expectations of $22.58 billion. Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the company posted $0.70 earnings per share. As a group, sell-side analysts anticipate that Bank of America Corp will post 1.48 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Thursday, June 4th. Bank of America’s payout ratio is 24.49%.
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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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