Burns J W & Co. Inc. NY Takes Position in Bank of America Corp (BAC)

Burns J W & Co. Inc. NY purchased a new position in Bank of America Corp (NYSE:BAC) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 36,048 shares of the financial services provider’s stock, valued at approximately $850,000.

A number of other large investors have also bought and sold shares of BAC. BlackRock Institutional Trust Company N.A. increased its stake in Bank of America Corp by 1.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 271,120,278 shares of the financial services provider’s stock worth $4,243,032,000 after buying an additional 4,386,446 shares in the last quarter. Dodge & Cox acquired a new stake in Bank of America Corp during the fourth quarter worth $4,159,570,000. BlackRock Fund Advisors increased its stake in Bank of America Corp by 4.9% in the third quarter. BlackRock Fund Advisors now owns 123,637,282 shares of the financial services provider’s stock worth $1,934,923,000 after buying an additional 5,817,572 shares in the last quarter. Norges Bank acquired a new stake in Bank of America Corp during the fourth quarter worth $2,256,221,000. Finally, BlackRock Group LTD increased its stake in Bank of America Corp by 3.8% in the third quarter. BlackRock Group LTD now owns 91,336,967 shares of the financial services provider’s stock worth $1,429,425,000 after buying an additional 3,318,508 shares in the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.

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

Bank of America Corp (NYSE:BAC) opened at 23.07 on Friday. Bank of America Corp has a 12 month low of $12.05 and a 12 month high of $25.80. The firm has a market capitalization of $242.61 billion, a price-to-earnings ratio of 15.41 and a beta of 1.47. The company has a 50 day moving average price of $23.88 and a 200 day moving average price of $21.62.

Bank of America Corp (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.06. Bank of America Corp had a return on equity of 6.85% and a net margin of 18.10%. The firm earned $22.45 billion during the quarter, compared to analysts’ expectations of $21.77 billion. During the same quarter last year, the firm posted $0.28 earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts anticipate that Bank of America Corp will post $1.77 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 3rd were given a dividend of $0.075 per share. The ex-dividend date was Wednesday, March 1st. This represents a $0.30 annualized dividend and a dividend yield of 1.30%. Bank of America Corp’s payout ratio is 21.74%.

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BAC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $23.00 price target on shares of Bank of America Corp in a research note on Wednesday, January 11th. Vetr raised Bank of America Corp from a “hold” rating to a “buy” rating and set a $26.48 price objective for the company in a report on Tuesday, March 14th. Sanford C. Bernstein reissued a “buy” rating and set a $17.00 price objective on shares of Bank of America Corp in a report on Wednesday, January 11th. Goldman Sachs Group Inc reissued a “conviction-buy” rating and set a $27.00 price objective on shares of Bank of America Corp in a report on Tuesday, January 17th. Finally, Guggenheim reissued a “hold” rating and set a $22.00 price objective on shares of Bank of America Corp in a report on Wednesday, January 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $22.30.

About Bank of America Corp

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S.

5 Day Chart for NYSE:BAC

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