Penobscot Investment Management Company Inc. Has $2.84 Million Holdings in Bank of America Co. (NYSE:BAC)

Penobscot Investment Management Company Inc. raised its holdings in Bank of America Co. (NYSE:BAC) by 7.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,479 shares of the financial services provider’s stock after buying an additional 5,825 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Bank of America were worth $2,844,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America in the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc lifted its position in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC acquired a new position in Bank of America during the 4th quarter valued at about $32,000. ZRC Wealth Management LLC lifted its position in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the period. Finally, Private Ocean LLC lifted its position in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the period. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on BAC shares. Evercore ISI upped their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Keefe, Bruyette & Woods increased their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.59.

Bank of America Stock Down 0.7 %

Shares of NYSE:BAC traded down $0.28 during midday trading on Tuesday, hitting $37.27. The stock had a trading volume of 10,344,087 shares, compared to its average volume of 40,882,680. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50-day simple moving average is $36.20 and its 200-day simple moving average is $32.88. The company has a market cap of $294.08 billion, a P/E ratio of 12.90, a PEG ratio of 1.69 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share 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 business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the business earned $0.94 earnings per share. The firm’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

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 $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

About Bank of America

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.