Penobscot Investment Management Company Inc. Increases Position in Bank of America Co. (NYSE:BAC)

Penobscot Investment Management Company Inc. lifted its holdings in Bank of America Co. (NYSE:BAC) by 7.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,479 shares of the financial services provider’s stock after purchasing an additional 5,825 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Bank of America were worth $2,844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Northern Trust Corp increased its stake in shares of Bank of America by 2.1% in the 3rd quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after purchasing an additional 1,397,469 shares in the last quarter. Barclays PLC increased its stake in shares of Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after buying an additional 746,756 shares in the last quarter. California Public Employees Retirement System increased its stake in Bank of America by 5.9% during the 4th quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after buying an additional 1,250,096 shares in the last quarter. Finally, Pzena Investment Management LLC increased its stake in Bank of America by 28.7% during the 3rd quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock worth $531,997,000 after buying an additional 4,335,882 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on BAC shares. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Citigroup boosted their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Barclays boosted their price objective on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $41.00 in a report on Tuesday, January 30th. Finally, Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.59.

Bank of America Stock Down 0.7 %

NYSE:BAC traded down $0.28 during trading hours on Tuesday, hitting $37.27. The company’s stock had a trading volume of 10,344,087 shares, compared to its average volume of 40,882,680. The stock has a market capitalization of $294.08 billion, a P/E ratio of 12.90, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The stock has a fifty day moving average of $36.20 and a 200-day moving average of $32.88. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49.

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 for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.94 earnings per share. On average, equities analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.58%. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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