Defined Wealth Management LLC Increases Position in Bank of America Co. (NYSE:BAC)

Defined Wealth Management LLC lifted its stake in Bank of America Co. (NYSE:BAC) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,179 shares of the financial services provider’s stock after purchasing an additional 418 shares during the period. Defined Wealth Management LLC’s holdings in Bank of America were worth $538,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. St. Johns Investment Management Company LLC increased its position in shares of Bank of America by 1.5% in the first quarter. St. Johns Investment Management Company LLC now owns 96,036 shares of the financial services provider’s stock valued at $3,642,000 after buying an additional 1,380 shares in the last quarter. Aletheian Wealth Advisors LLC increased its holdings in Bank of America by 29.7% during the 1st quarter. Aletheian Wealth Advisors LLC now owns 29,398 shares of the financial services provider’s stock valued at $1,115,000 after acquiring an additional 6,732 shares in the last quarter. Brookstone Capital Management raised its position in Bank of America by 9.1% during the first quarter. Brookstone Capital Management now owns 175,876 shares of the financial services provider’s stock worth $6,669,000 after acquiring an additional 14,627 shares during the last quarter. RMR Wealth Builders lifted its holdings in shares of Bank of America by 40.5% in the first quarter. RMR Wealth Builders now owns 53,294 shares of the financial services provider’s stock valued at $2,031,000 after purchasing an additional 15,361 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its position in shares of Bank of America by 6.0% in the first quarter. Sunbelt Securities Inc. now owns 31,791 shares of the financial services provider’s stock valued at $1,205,000 after purchasing an additional 1,805 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on BAC shares. Jefferies Financial Group upped their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Evercore ISI upped their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $37.00 to $46.00 in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Bank of America has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Stock Down 1.0 %

Shares of NYSE:BAC opened at $39.00 on Thursday. The stock has a 50-day simple moving average of $38.71 and a 200-day simple moving average of $35.95. The stock has a market capitalization of $304.99 billion, a P/E ratio of 13.49, a PEG ratio of 1.50 and a beta of 1.36. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities analysts forecast that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

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. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.