EFG Asset Management Americas Corp. raised its position in Bank of America (NYSE:BAC) by 111.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 95,109 shares of the financial services provider’s stock after buying an additional 50,076 shares during the period. Bank of America accounts for about 1.2% of EFG Asset Management Americas Corp.’s investment portfolio, making the stock its 26th biggest position. EFG Asset Management Americas Corp.’s holdings in Bank of America were worth $2,852,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in BAC. Burt Wealth Advisors boosted its position in Bank of America by 4,013.1% in the third quarter. Burt Wealth Advisors now owns 4,401 shares of the financial services provider’s stock valued at $112,000 after buying an additional 4,294 shares in the last quarter. HWG Holdings LP acquired a new position in Bank of America in the third quarter valued at about $116,000. Avestar Capital LLC acquired a new position in Bank of America in the fourth quarter valued at about $135,000. Gradient Investments LLC acquired a new position in Bank of America in the fourth quarter valued at about $150,000. Finally, Taylor Hoffman Wealth Management acquired a new position in Bank of America in the fourth quarter valued at about $151,000. Hedge funds and other institutional investors own 67.22% of the company’s stock.
A number of brokerages have recently issued reports on BAC. Credit Suisse Group upped their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock an “outperform” rating in a research report on Friday, March 16th. Citigroup upped their target price on shares of Bank of America from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 24th. Vetr upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $34.16 target price on the stock in a research report on Thursday, March 1st. ValuEngine upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Jefferies Group reiterated a “buy” rating and set a $34.00 target price on shares of Bank of America in a research report on Tuesday, April 17th. Nine research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $32.13.
Bank of America (NYSE:BAC) last announced its quarterly earnings data on Monday, April 16th. The financial services provider reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.03. Bank of America had a net margin of 19.65% and a return on equity of 9.40%. The business had revenue of $23.10 billion for the quarter, compared to analyst estimates of $23.04 billion. During the same period in the prior year, the business posted $0.41 earnings per share. Bank of America’s revenue was up 4.1% compared to the same quarter last year. research analysts predict that Bank of America will post 2.55 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be issued a $0.12 dividend. The ex-dividend date is Thursday, May 31st. This represents a $0.48 annualized dividend and a yield of 1.57%. Bank of America’s dividend payout ratio is currently 26.23%.
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. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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 (NYSE:BAC).
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.