Cranbrook Wealth Management LLC Has $44,000 Stock Holdings in Bank of America Co. (NYSE:BAC)

Cranbrook Wealth Management LLC lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 41.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,049 shares of the financial services provider’s stock after buying an additional 306 shares during the period. Cranbrook Wealth Management LLC’s holdings in Bank of America were worth $44,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Avalon Trust Co boosted its stake in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC raised its holdings in shares of Bank of America by 2.5% in the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 220 shares during the period. Consolidated Planning Corp raised its holdings in shares of Bank of America by 2.9% in the 4th quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 226 shares during the period. TAGStone Capital Inc. raised its holdings in shares of Bank of America by 1.2% in the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 227 shares during the period. Finally, TFB Advisors LLC raised its holdings in shares of Bank of America by 3.8% in the 4th quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 230 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $45.01 on Friday. The company’s 50 day moving average price is $40.71 and its two-hundred day moving average price is $43.50. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a market cap of $339.01 billion, a PE ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Equities research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.31%. Bank of America’s payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Cowen assumed coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. UBS Group upped their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, Baird R W raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.