MV Capital Management Inc. Raises Stock Position in Bank of America Co. (NYSE:BAC)

MV Capital Management Inc. increased its stake in Bank of America Co. (NYSE:BAC) by 22.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,611 shares of the financial services provider’s stock after purchasing an additional 2,905 shares during the quarter. MV Capital Management Inc.’s holdings in Bank of America were worth $651,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BAC. Norges Bank bought a new position in Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors raised its position in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Price T Rowe Associates Inc. MD raised its position in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Amundi raised its position in Bank of America by 37.1% in the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider’s stock worth $1,747,658,000 after acquiring an additional 10,231,001 shares during the period. Finally, Northern Trust Corp raised its position in Bank of America by 17.2% in the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Shares of NYSE:BAC opened at $45.11 on Wednesday. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The stock has a market capitalization of $339.73 billion, a P/E ratio of 14.01, a PEG ratio of 1.21 and a beta of 1.30. The firm has a fifty day simple moving average of $40.93 and a two-hundred day simple moving average of $43.46. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $26.83 billion. On average, analysts expect that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Royal Bank of Canada decreased their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Barclays decreased their price objective on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. UBS Group raised their price objective on shares of Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Evercore ISI decreased their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.69.

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.