Ignite Planners LLC boosted its holdings in Bank of America Co. (NYSE:BAC – Get Rating) by 5.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,882 shares of the financial services provider’s stock after acquiring an additional 676 shares during the quarter. Ignite Planners LLC’s holdings in Bank of America were worth $442,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. HB Wealth Management LLC lifted its position in Bank of America by 5.6% in the 2nd quarter. HB Wealth Management LLC now owns 170,647 shares of the financial services provider’s stock valued at $5,312,000 after acquiring an additional 8,999 shares in the last quarter. Regent Investment Management LLC lifted its holdings in shares of Bank of America by 2.5% during the 2nd quarter. Regent Investment Management LLC now owns 113,441 shares of the financial services provider’s stock valued at $3,531,000 after buying an additional 2,745 shares during the period. Ritholtz Wealth Management lifted its holdings in shares of Bank of America by 4.0% during the 2nd quarter. Ritholtz Wealth Management now owns 85,395 shares of the financial services provider’s stock valued at $2,658,000 after buying an additional 3,289 shares during the period. Five Oceans Advisors lifted its holdings in shares of Bank of America by 10.2% during the 2nd quarter. Five Oceans Advisors now owns 7,625 shares of the financial services provider’s stock valued at $237,000 after buying an additional 708 shares during the period. Finally, Miracle Mile Advisors LLC lifted its holdings in shares of Bank of America by 7.5% during the 2nd quarter. Miracle Mile Advisors LLC now owns 13,641 shares of the financial services provider’s stock valued at $425,000 after buying an additional 950 shares during the period. 68.48% of the stock is owned by institutional investors.
Bank of America Price Performance
Shares of BAC traded down $1.06 during midday trading on Friday, hitting $31.44. 1,222,651 shares of the company traded hands, compared to its average volume of 38,124,100. The firm has a 50 day moving average of $34.13 and a 200-day moving average of $35.84. Bank of America Co. has a 52 week low of $29.67 and a 52 week high of $50.11. The stock has a market cap of $252.63 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 1.48 and a beta of 1.37. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74.
Bank of America Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be issued a $0.22 dividend. This is an increase from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, September 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.80%. Bank of America’s dividend payout ratio (DPR) is presently 27.50%.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on BAC shares. Societe Generale raised Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a report on Monday, July 11th. Credit Suisse Group lowered their price target on Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, July 19th. Barclays reduced their price objective on Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a research note on Tuesday, July 19th. Jefferies Financial Group reduced their price objective on Bank of America from $43.00 to $33.00 in a research note on Monday, July 11th. Finally, Citigroup reduced their price objective on Bank of America from $47.00 to $40.00 in a research note on Tuesday, July 12th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $46.58.
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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
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