Patriot Financial Group Insurance Agency LLC Raises Stock Position in Bank of America Co. (NYSE:BAC)

Patriot Financial Group Insurance Agency LLC grew its holdings in Bank of America Co. (NYSE:BAC) by 5.0% during the 1st quarter, Holdings Channel.com reports. The fund owned 58,620 shares of the financial services provider’s stock after acquiring an additional 2,818 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Bank of America were worth $2,446,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BAC. Brighton Jones LLC grew its holdings in Bank of America by 30.0% during the 4th quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares in the last quarter. Consolidated Portfolio Review Corp boosted its position in shares of Bank of America by 4.7% during the fourth quarter. Consolidated Portfolio Review Corp now owns 13,478 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 607 shares during the last quarter. Leo Wealth LLC grew its stake in Bank of America by 5.0% during the fourth quarter. Leo Wealth LLC now owns 12,600 shares of the financial services provider’s stock valued at $554,000 after acquiring an additional 604 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in Bank of America in the 4th quarter valued at $5,751,000. Finally, SOA Wealth Advisors LLC. lifted its stake in Bank of America by 1.9% in the 4th quarter. SOA Wealth Advisors LLC. now owns 19,543 shares of the financial services provider’s stock worth $859,000 after purchasing an additional 371 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 1.4%

NYSE BAC opened at $45.01 on Friday. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company’s 50-day moving average price is $40.71 and its 200-day moving average price is $43.48. The stock has a market cap of $339.01 billion, a PE ratio of 13.98, a PEG ratio of 1.21 and a beta of 1.30. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BAC. Wall Street Zen lowered Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. UBS Group lifted their price objective on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective on Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Cowen started coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, Cfra Research upped their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.