CMH Wealth Management LLC raised its position in shares of Bank of America Corp (NYSE:BAC) by 9.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 65,526 shares of the financial services provider’s stock after buying an additional 5,565 shares during the period. CMH Wealth Management LLC’s holdings in Bank of America were worth $1,808,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CRA Financial Services LLC purchased a new position in shares of Bank of America during the fourth quarter worth $1,320,000. PGGM Investments purchased a new position in shares of Bank of America during the fourth quarter worth $128,471,000. Fosun International Ltd boosted its position in shares of Bank of America by 333.9% during the fourth quarter. Fosun International Ltd now owns 40,783 shares of the financial services provider’s stock worth $1,005,000 after buying an additional 31,383 shares during the period. Sunesis Advisors LLC purchased a new position in Bank of America in the fourth quarter valued at $268,000. Finally, First Citizens Bank & Trust Co. boosted its holdings in Bank of America by 1.0% in the fourth quarter. First Citizens Bank & Trust Co. now owns 311,732 shares of the financial services provider’s stock valued at $7,681,000 after purchasing an additional 2,994 shares during the period. Institutional investors and hedge funds own 65.10% of the company’s stock.
A number of research firms recently issued reports on BAC. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a report on Friday, April 19th. Atlantic Securities lowered Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 target price for the company. in a report on Tuesday, April 30th. Oppenheimer lifted their target price on Bank of America from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. HSBC began coverage on Bank of America in a report on Thursday, April 4th. They issued a “hold” rating and a $29.00 target price for the company. Finally, Zacks Investment Research lowered Bank of America from a “buy” rating to a “hold” rating in a report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. Bank of America currently has an average rating of “Hold” and an average price target of $32.98.
Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.05. The company had revenue of $23 billion during the quarter, compared to the consensus estimate of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. Bank of America’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the business earned $0.62 EPS. On average, equities research analysts expect that Bank of America Corp will post 2.86 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Thursday, June 6th. Bank of America’s dividend payout ratio (DPR) is 22.99%.
In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total transaction of $3,859,934.70. Following the completion of the sale, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by insiders.
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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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