Brookmont Capital Management Acquires 1,769 Shares of Bank of America Co. (NYSE:BAC)

Brookmont Capital Management increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 2.3% during the 1st quarter, HoldingsChannel reports. The firm owned 78,906 shares of the financial services provider’s stock after purchasing an additional 1,769 shares during the period. Bank of America comprises approximately 1.6% of Brookmont Capital Management’s holdings, making the stock its 23rd largest holding. Brookmont Capital Management’s holdings in Bank of America were worth $2,992,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Capital Asset Advisory Services LLC lifted its holdings in shares of Bank of America by 9.7% during the 1st quarter. Capital Asset Advisory Services LLC now owns 80,622 shares of the financial services provider’s stock valued at $2,992,000 after purchasing an additional 7,120 shares in the last quarter. Indiana Trust & Investment Management CO lifted its stake in Bank of America by 46.3% in the 1st quarter. Indiana Trust & Investment Management CO now owns 4,097 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 1,297 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in Bank of America by 29.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 75,451 shares of the financial services provider’s stock valued at $2,861,000 after acquiring an additional 17,196 shares in the last quarter. Dohj LLC lifted its stake in Bank of America by 7.7% in the 1st quarter. Dohj LLC now owns 49,957 shares of the financial services provider’s stock valued at $1,894,000 after acquiring an additional 3,585 shares in the last quarter. Finally, Tarbox Family Office Inc. bought a new stake in Bank of America in the 1st quarter valued at approximately $214,000. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Evercore ISI boosted their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Stock Performance

NYSE BAC traded up $0.52 on Friday, reaching $39.77. The stock had a trading volume of 50,584,278 shares, compared to its average volume of 38,957,273. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a fifty day moving average of $38.91 and a two-hundred day moving average of $36.06. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.34. The company has a market cap of $311.02 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.49 and a beta of 1.36.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.94 EPS. On average, equities research analysts anticipate that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders 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 dividend yield of 2.41%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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