Joel Isaacson & Co. LLC Raises Position in Bank of America Corporation (NYSE:BAC)

Joel Isaacson & Co. LLC raised its stake in shares of Bank of America Corporation (NYSE:BAC) by 6.4% during the first quarter, HoldingsChannel reports. The firm owned 89,008 shares of the financial services provider’s stock after buying an additional 5,345 shares during the quarter. Joel Isaacson & Co. LLC’s holdings in Bank of America were worth $3,714,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider’s stock valued at $173,168,000 after purchasing an additional 173,021 shares during the period. OFI Invest Asset Management bought a new position in shares of Bank of America during the fourth quarter valued at approximately $60,679,000. Arizona State Retirement System grew its stake in shares of Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider’s stock valued at $89,150,000 after buying an additional 10,377 shares during the last quarter. Gradient Investments LLC grew its stake in shares of Bank of America by 7.8% during the first quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider’s stock valued at $29,061,000 after buying an additional 50,296 shares during the last quarter. Finally, Keybank National Association OH grew its stake in shares of Bank of America by 1.1% during the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider’s stock valued at $152,006,000 after buying an additional 38,258 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.7%

Bank of America stock opened at $47.11 on Friday. The business has a fifty day moving average of $43.31 and a two-hundred day moving average of $43.33. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a market cap of $354.85 billion, a P/E ratio of 14.02, a P/E/G ratio of 1.27 and a beta of 1.30. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC) last posted its 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. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. On average, 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 business also recently announced a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America’s dividend payout ratio is currently 30.95%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BAC. Cfra Research upped their target price on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. UBS Group upped their target price on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Oppenheimer reaffirmed an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 target price on shares of Bank of America in a research note on Friday. Finally, Keefe, Bruyette & Woods cut their target price on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.65.

Bank of America 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.