Boothe Investment Group Inc. Raises Holdings in Bank of America Co. (NYSE:BAC)

Boothe Investment Group Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 5.0% during the first quarter, HoldingsChannel.com reports. The fund owned 196,637 shares of the financial services provider’s stock after buying an additional 9,292 shares during the quarter. Bank of America makes up approximately 4.4% of Boothe Investment Group Inc.’s investment portfolio, making the stock its 6th largest position. Boothe Investment Group Inc.’s holdings in Bank of America were worth $7,608,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Everence Capital Management Inc. purchased a new stake in Bank of America in the first quarter worth $6,541,000. Trust Co. of Toledo NA OH purchased a new stake in Bank of America in the first quarter worth $219,000. Woodstock Corp increased its position in Bank of America by 0.9% in the first quarter. Woodstock Corp now owns 159,135 shares of the financial services provider’s stock worth $6,157,000 after buying an additional 1,471 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services increased its position in Bank of America by 5.2% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 12,620 shares of the financial services provider’s stock worth $488,000 after buying an additional 625 shares during the last quarter. Finally, Fulton Bank N.A. increased its position in Bank of America by 5.2% in the first quarter. Fulton Bank N.A. now owns 107,269 shares of the financial services provider’s stock worth $4,150,000 after buying an additional 5,296 shares during the last quarter. Institutional investors and hedge funds own 68.10% of the company’s stock.

NYSE:BAC traded down $0.54 during trading hours on Thursday, hitting $39.51. 1,644,034 shares of the company’s stock traded hands, compared to its average volume of 55,645,949. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.04. The business’s fifty day simple moving average is $37.14 and its two-hundred day simple moving average is $30.45. Bank of America Co. has a 52 week low of $20.10 and a 52 week high of $40.28. The firm has a market cap of $340.86 billion, a P/E ratio of 19.54, a P/E/G ratio of 2.13 and a beta of 1.59.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. Bank of America had a return on equity of 8.00% and a net margin of 19.50%. The firm had revenue of $20.10 billion during the quarter, compared to analyst estimates of $20.76 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company’s revenue was down 9.9% compared to the same quarter last year. On average, analysts expect that Bank of America Co. will post 1.84 EPS for the current year.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Tuesday, January 19th that permits the company to buyback $2.90 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Friday, March 5th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.82%. The ex-dividend date was Thursday, March 4th. Bank of America’s dividend payout ratio (DPR) is currently 24.49%.

A number of research firms have issued reports on BAC. Credit Suisse Group raised their target price on Bank of America from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 20th. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of America from $35.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, April 1st. Piper Sandler lifted their price target on Bank of America from $28.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, January 11th. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Friday, January 22nd. Finally, Robert W. Baird reiterated a “buy” rating and issued a $38.00 price target on shares of Bank of America in a research report on Friday, March 19th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $34.55.

About Bank of America

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 Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets segments.

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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).

Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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