Bank of America Co. (NYSE:BAC) Shares Acquired by AMI Investment Management Inc.

AMI Investment Management Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,518 shares of the financial services provider’s stock after acquiring an additional 415 shares during the quarter. Bank of America makes up approximately 1.4% of AMI Investment Management Inc.’s holdings, making the stock its 24th biggest holding. AMI Investment Management Inc.’s holdings in Bank of America were worth $3,774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of BAC. Fortis Group Advisors LLC acquired a new stake in Bank of America during the third quarter worth about $25,000. Livelsberger Financial Advisory acquired a new stake in Bank of America during the fourth quarter worth about $28,000. Criterion Capital Advisors LLC acquired a new stake in Bank of America during the fourth quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new stake in Bank of America during the first quarter worth about $33,000. Finally, Mark Sheptoff Financial Planning LLC raised its stake in Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 862 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Price Performance

NYSE:BAC traded up $0.52 during trading hours on Friday, reaching $39.77. 52,028,200 shares of the company’s stock were exchanged, compared to its average volume of 35,164,596. The company has a market capitalization of $311.02 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $40.34. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The business’s 50-day simple moving average is $38.91 and its two-hundred day simple moving average is $36.12.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the business posted $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. Sell-side analysts expect that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Friday, June 7th. Bank of America’s dividend payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Wells Fargo & Company raised their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, Evercore ISI raised their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $39.79.

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.