Buffington Mohr McNeal increased its stake in shares of Bank of America Corp (NYSE:BAC) by 26.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,608 shares of the financial services provider’s stock after purchasing an additional 7,183 shares during the quarter. Buffington Mohr McNeal’s holdings in Bank of America were worth $955,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in BAC. CRA Financial Services LLC bought a new position in shares of Bank of America in the fourth quarter worth approximately $1,320,000. Fosun International Ltd lifted its stake in Bank of America by 333.9% in the fourth quarter. Fosun International Ltd now owns 40,783 shares of the financial services provider’s stock worth $1,005,000 after acquiring an additional 31,383 shares during the period. Matthew Goff Investment Advisor LLC lifted its stake in Bank of America by 3.3% in the fourth quarter. Matthew Goff Investment Advisor LLC now owns 198,107 shares of the financial services provider’s stock worth $4,881,000 after acquiring an additional 6,393 shares during the period. Arrow Financial Corp lifted its position in Bank of America by 11.5% during the fourth quarter. Arrow Financial Corp now owns 131,735 shares of the financial services provider’s stock valued at $3,246,000 after buying an additional 13,570 shares during the period. Finally, Synovus Financial Corp lifted its position in Bank of America by 5.1% during the fourth quarter. Synovus Financial Corp now owns 673,347 shares of the financial services provider’s stock valued at $16,579,000 after buying an additional 32,629 shares during the period. 68.24% of the stock is owned by institutional investors.

In other news, insider Dean C. Athanasia sold 129,615 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $29.78, for a total value of $3,859,934.70. Following the transaction, the insider now owns 243,617 shares in the company, valued at $7,254,914.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by company insiders.

Several brokerages have recently weighed in on BAC. Zacks Investment Research upgraded Bank of America from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a report on Tuesday, March 12th. Jefferies Financial Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $32.00 price target for the company. in a research note on Wednesday, April 17th. HSBC assumed coverage on Bank of America in a research note on Thursday, April 4th. They set a “hold” rating and a $29.00 price target for the company. ValuEngine upgraded Bank of America from a “sell” rating to a “hold” rating in a research note on Friday, April 19th. Finally, BMO Capital Markets boosted their price target on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. Bank of America has a consensus rating of “Hold” and a consensus price target of $32.98.

Shares of NYSE BAC opened at $28.24 on Wednesday. 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 Corp has a 1-year low of $22.66 and a 1-year high of $31.91. The firm has a market cap of $270.79 billion, a P/E ratio of 10.82, a P/E/G ratio of 1.07 and a beta of 1.54.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.05. The business had revenue of $23 billion for the quarter, compared to analyst estimates of $23.24 billion. Bank of America had a return on equity of 11.79% and a net margin of 25.42%. The company’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.62 earnings per share. As a group, equities analysts forecast that Bank of America Corp will post 2.86 EPS for the current fiscal 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 issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.12%. The ex-dividend date is Thursday, June 6th. Bank of America’s payout ratio is currently 22.99%.

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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 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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