E&G Advisors LP Raises Stake in Bank of America Co. (NYSE:BAC)

E&G Advisors LP raised its position in Bank of America Co. (NYSE:BAC) by 3.3% in the first quarter, Holdings Channel reports. The fund owned 40,913 shares of the financial services provider’s stock after buying an additional 1,316 shares during the period. E&G Advisors LP’s holdings in Bank of America were worth $1,551,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Livelsberger Financial Advisory acquired a new position in shares of Bank of America during the 4th quarter worth $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the 1st quarter worth about $33,000. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the 3rd quarter worth about $25,000. Criterion Capital Advisors LLC purchased a new stake in shares of Bank of America in the 4th quarter worth about $32,000. Finally, Mark Sheptoff Financial Planning LLC boosted its position in shares of Bank of America by 431.0% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on BAC. UBS Group restated a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Keefe, Bruyette & Woods raised shares of Bank of America from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $37.00 to $46.00 in a research note on Friday, June 14th. Evercore ISI upped their price objective on shares of Bank of America from $41.00 to $43.00 and gave the company an “outperform” rating in a research note on Wednesday. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Finally, 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. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $40.02.

Bank of America Stock Performance

BAC traded down $0.04 during trading hours on Wednesday, hitting $40.89. 17,100,665 shares of the stock were exchanged, compared to its average volume of 38,672,520. The stock has a 50-day simple moving average of $39.00 and a 200-day simple moving average of $36.22. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $41.20. The stock has a market cap of $319.77 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.52 and a beta of 1.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share. Analysts anticipate 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 was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Friday, June 7th. Bank of America’s 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.