Powers Advisory Group LLC Buys 2,069 Shares of Bank of America Co. (NYSE:BAC)

Powers Advisory Group LLC lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 30.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,888 shares of the financial services provider’s stock after purchasing an additional 2,069 shares during the period. Powers Advisory Group LLC’s holdings in Bank of America were worth $337,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter worth approximately $3,734,407,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Bank of America by 10.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Bank of America by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after acquiring an additional 1,315,056 shares during the last quarter. Parnassus Investments LLC increased its holdings in shares of Bank of America by 7.8% during the 4th quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after acquiring an additional 2,935,040 shares during the last quarter. Finally, Capital World Investors increased its holdings in shares of Bank of America by 12.1% during the 4th quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after acquiring an additional 4,338,679 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of BAC stock traded down $0.03 on Thursday, hitting $40.90. 17,100,666 shares of the company’s stock were exchanged, compared to its average volume of 35,032,784. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $41.20. The stock has a market cap of $319.85 billion, a P/E ratio of 14.15, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35. The company has a 50 day moving average of $39.06 and a 200 day moving average of $36.25.

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

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.35%. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BAC. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. HSBC reaffirmed a “hold” rating and issued a $39.00 price objective (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Citigroup upped their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Oppenheimer upped their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Finally, BMO Capital Markets upped their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.02.

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.