Altrius Capital Management Inc increased its stake in Bank of America Co. (NYSE:BAC) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 111,736 shares of the financial services provider’s stock after acquiring an additional 3,267 shares during the quarter. Altrius Capital Management Inc’s holdings in Bank of America were worth $3,206,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. FNY Investment Advisers LLC grew its holdings in Bank of America by 75.9% during the second quarter. FNY Investment Advisers LLC now owns 920 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 397 shares during the period. Marquette Asset Management LLC grew its stake in Bank of America by 333.2% during the second quarter. Marquette Asset Management LLC now owns 953 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 733 shares in the last quarter. Castleview Partners LLC bought a new position in shares of Bank of America in the first quarter worth $28,000. Global Trust Asset Management LLC raised its holdings in shares of Bank of America by 45.7% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,036 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 325 shares in the last quarter. Finally, Live Oak Investment Partners purchased a new position in Bank of America in the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 68.06% of the company’s stock.
Bank of America Stock Performance
NYSE:BAC traded down $0.03 during trading hours on Monday, reaching $29.95. The company had a trading volume of 10,990,128 shares, compared to its average volume of 48,821,117. The business’s 50 day moving average price is $27.42 and its 200-day moving average price is $28.59. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $37.87. The firm has a market cap of $237.02 billion, a PE ratio of 8.40, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.82.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a $0.24 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.96 annualized dividend and a dividend yield of 3.21%. Bank of America’s dividend payout ratio (DPR) is presently 26.89%.
Analyst Upgrades and Downgrades
Several research firms recently commented on BAC. BMO Capital Markets increased their target price on shares of Bank of America from $39.00 to $40.00 and gave the company a “market perform” rating in a report on Wednesday, October 18th. Morgan Stanley decreased their price objective on shares of Bank of America from $34.00 to $32.00 and set an “equal weight” rating for the company in a report on Tuesday, October 3rd. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $29.00 to $30.00 in a research note on Monday, November 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $35.00 price target on shares of Bank of America in a research report on Tuesday, September 12th. Finally, Oppenheimer increased their price objective on shares of Bank of America from $49.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.54.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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