Indiana Trust & Investment Management CO Purchases 1,297 Shares of Bank of America Co. (NYSE:BAC)

Indiana Trust & Investment Management CO grew its holdings in shares of Bank of America Co. (NYSE:BAC) by 46.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,097 shares of the financial services provider’s stock after purchasing an additional 1,297 shares during the quarter. Indiana Trust & Investment Management CO’s holdings in Bank of America were worth $155,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Ethos Financial Group LLC boosted its stake in shares of Bank of America by 6.2% during the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 492 shares during the last quarter. Auxano Advisors LLC increased its position in Bank of America by 234.5% in the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after buying an additional 19,179 shares in the last quarter. Stonebridge Capital Advisors LLC increased its position in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC raised its stake in shares of Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after buying an additional 46,950 shares during the period. Finally, DiNuzzo Private Wealth Inc. purchased a new position in shares of Bank of America during the 4th quarter valued at about $105,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock traded up $0.52 during mid-day trading on Friday, reaching $39.77. 50,816,922 shares of the company’s stock traded hands, compared to its average volume of 38,957,273. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.34. The company has a market cap of $311.02 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.49 and a beta of 1.36. The stock has a 50 day moving average of $38.78 and a two-hundred day moving average of $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 announced its earnings results 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 period in the prior year, the company earned $0.94 EPS. The business’s revenue was down 1.7% compared to the same quarter last year. Equities analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

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 $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analysts Set New Price Targets

A number of research firms have commented on BAC. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, April 19th. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $37.00 to $46.00 in a research report on Friday, June 14th. Wells Fargo & Company upped their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Piper Sandler raised their price target on Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a report on Tuesday, June 4th. Finally, UBS Group restated a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America 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.