Bank of America Co. (NYSE:BAC) Stake Increased by Matthew Goff Investment Advisor LLC

Matthew Goff Investment Advisor LLC grew its stake in shares of Bank of America Co. (NYSE:BAC) by 2.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 476,812 shares of the financial services provider’s stock after acquiring an additional 10,173 shares during the quarter. Bank of America comprises about 3.7% of Matthew Goff Investment Advisor LLC’s investment portfolio, making the stock its 5th biggest holding. Matthew Goff Investment Advisor LLC’s holdings in Bank of America were worth $18,081,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in BAC. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the 3rd quarter valued at about $25,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America in the fourth quarter worth approximately $28,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America in the fourth quarter worth approximately $32,000. Mark Sheptoff Financial Planning LLC boosted its holdings in shares of Bank of America by 431.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the last quarter. Finally, ZRC Wealth Management LLC boosted its holdings in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BAC. BMO Capital Markets raised their price objective on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. HSBC reissued a “hold” rating and issued a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, Evercore ISI raised their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Bank of America presently has a consensus rating of “Hold” and an average target price of $39.79.

View Our Latest Report on BAC

Bank of America Price Performance

Shares of Bank of America stock traded down $0.50 on Friday, hitting $39.49. 72,251,511 shares of the company traded hands, compared to its average volume of 31,317,156. The stock has a market capitalization of $308.83 billion, a P/E ratio of 13.66, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.31. The business has a 50-day simple moving average of $38.53 and a 200 day simple moving average of $35.79.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Research analysts expect that Bank of America Co. will post 3.21 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.43%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

Bank of America Profile

(Free Report)

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

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

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