Capital Asset Advisory Services LLC Grows Stock Holdings in Bank of America Co. (NYSE:BAC)

Capital Asset Advisory Services LLC grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 9.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 80,622 shares of the financial services provider’s stock after purchasing an additional 7,120 shares during the period. Capital Asset Advisory Services LLC’s holdings in Bank of America were worth $2,992,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BAC. Rossmore Private Capital increased its position in shares of Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock valued at $894,000 after acquiring an additional 303 shares in the last quarter. Chemistry Wealth Management LLC increased its position in shares of Bank of America by 0.3% during the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after acquiring an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC increased its position in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares in the last quarter. Kennedy Investment Group grew its position in Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares during the period. Finally, Private Ocean LLC grew its position in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.3 %

NYSE:BAC traded up $0.52 during mid-day trading on Friday, hitting $39.77. 50,584,278 shares of the stock traded hands, compared to its average volume of 38,957,273. The stock has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.49 and a beta of 1.36. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The firm’s 50 day moving average is $38.78 and its two-hundred day moving average is $35.97. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS. On average, equities research analysts predict that Bank of America Co. will post 3.22 earnings per share 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. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. HSBC reaffirmed a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Finally, Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. 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 presently has an average rating of “Hold” and an average target price of $39.79.

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.