Patrick M Sweeney & Associates Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Patrick M Sweeney & Associates Inc. raised its position in shares of Bank of America Co. (NYSE:BAC) by 9.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 125,646 shares of the financial services provider’s stock after purchasing an additional 10,346 shares during the quarter. Bank of America accounts for about 3.9% of Patrick M Sweeney & Associates Inc.’s investment portfolio, making the stock its 5th biggest holding. Patrick M Sweeney & Associates Inc.’s holdings in Bank of America were worth $5,243,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BAC. Brighton Jones LLC lifted its stake in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after acquiring an additional 25,143 shares during the period. Strategic Financial Concepts LLC bought a new position in shares of Bank of America during the 4th quarter valued at $5,751,000. Kingsview Wealth Management LLC grew its holdings in shares of Bank of America by 1.5% in the fourth quarter. Kingsview Wealth Management LLC now owns 113,980 shares of the financial services provider’s stock worth $5,009,000 after acquiring an additional 1,719 shares during the period. Empowered Funds LLC boosted its position in Bank of America by 5.2% in the fourth quarter. Empowered Funds LLC now owns 262,694 shares of the financial services provider’s stock worth $11,545,000 after purchasing an additional 12,961 shares during the last quarter. Finally, Entropy Technologies LP boosted its holdings in shares of Bank of America by 53.8% in the fourth quarter. Entropy Technologies LP now owns 261,831 shares of the financial services provider’s stock worth $11,507,000 after buying an additional 91,549 shares during the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BAC has been the topic of several analyst reports. Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Barclays lowered their target price on Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $45.01 on Monday. The firm has a fifty day simple moving average of $40.71 and a two-hundred day simple moving average of $43.46. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $339.01 billion, a P/E ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.31%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.