PDS Planning Inc Raises Stock Holdings in Bank of America Corporation (NYSE:BAC)

PDS Planning Inc raised its holdings in shares of Bank of America Corporation (NYSE:BAC) by 7.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,176 shares of the financial services provider’s stock after purchasing an additional 1,913 shares during the quarter. PDS Planning Inc’s holdings in Bank of America were worth $1,176,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Avalon Trust Co increased its stake in shares of Bank of America by 14.6% in the fourth 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. TAGStone Capital Inc. grew its holdings in Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after acquiring an additional 227 shares in the last quarter. Hayek Kallen Investment Management grew its holdings in Bank of America by 2.0% during the 4th quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after acquiring an additional 233 shares in the last quarter. Continuum Advisory LLC raised its stake in shares of Bank of America by 1.4% in the 4th quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock valued at $734,000 after purchasing an additional 237 shares in the last quarter. Finally, Menard Financial Group LLC raised its stake in shares of Bank of America by 1.2% in the 4th quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock valued at $906,000 after purchasing an additional 240 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Performance

Shares of NYSE BAC opened at $46.85 on Thursday. The stock’s fifty day simple moving average is $42.91 and its 200 day simple moving average is $43.33. The stock has a market capitalization of $352.87 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The firm had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, sell-side analysts forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.22%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAC. Royal Bank Of Canada lowered their price objective on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Wall Street Zen downgraded Bank of America from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. TD Cowen initiated coverage on Bank of America in a research report on Thursday, May 15th. They set a “buy” rating and a $53.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a report on Thursday, May 22nd. Finally, Cowen initiated coverage on shares of Bank of America in a report on Wednesday, May 14th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $47.40.

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.