Bay Colony Advisory Group Inc d b a Bay Colony Advisors Acquires 4,101 Shares of Bank of America Corp (NYSE:BAC)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in Bank of America Corp (NYSE:BAC) by 25.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,289 shares of the financial services provider’s stock after purchasing an additional 4,101 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Bank of America were worth $554,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. CNB Bank raised its stake in shares of Bank of America by 188.4% during the first quarter. CNB Bank now owns 949 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 620 shares during the last quarter. Cranbrook Wealth Management LLC grew its holdings in Bank of America by 86.1% in the fourth quarter. Cranbrook Wealth Management LLC now owns 1,081 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 500 shares during the period. Paragon Capital Management LLC purchased a new stake in Bank of America in the first quarter worth about $33,000. Karp Capital Management Corp purchased a new stake in Bank of America in the fourth quarter worth about $31,000. Finally, Semmax Financial Advisors Inc. purchased a new stake in Bank of America in the fourth quarter worth about $34,000. 68.24% of the stock is owned by institutional investors and hedge funds.

In other Bank of America news, insider Dean C. Athanasia sold 129,615 shares of Bank of America stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $29.78, for a total value of $3,859,934.70. Following the completion of the transaction, the insider now directly owns 243,617 shares of the company’s stock, valued at approximately $7,254,914.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

A number of brokerages have weighed in on BAC. Atlantic Securities cut shares of Bank of America from an “overweight” rating to a “neutral” rating and set a $30.81 price objective on the stock. in a report on Tuesday, April 30th. ValuEngine upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a report on Friday, April 19th. BMO Capital Markets increased their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Wednesday, April 17th. Zacks Investment Research downgraded shares of Bank of America from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, Jefferies Financial Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $32.98.

BAC opened at $28.04 on Friday. The firm has a market cap of $265.75 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.09 and a beta of 1.54. Bank of America Corp has a fifty-two week low of $22.66 and a fifty-two week high of $31.91. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.91 and a quick ratio of 0.91.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.05. Bank of America had a net margin of 25.42% and a return on equity of 11.79%. The business had revenue of $23 billion during the quarter, compared to analysts’ expectations of $23.24 billion. During the same period last year, the company posted $0.62 EPS. The business’s revenue was down .4% on a year-over-year basis. As a group, research analysts predict that Bank of America Corp will post 2.85 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.14%. Bank of America’s payout ratio is currently 22.99%.

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

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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