Cullen Investment Group LTD. Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Cullen Investment Group LTD. lifted its position in shares of Bank of America Co. (NYSE:BAC) by 3.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,249 shares of the financial services provider’s stock after purchasing an additional 1,211 shares during the period. Cullen Investment Group LTD.’s holdings in Bank of America were worth $1,464,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BAC. Versant Capital Management Inc lifted its holdings in Bank of America by 7.9% in the first quarter. Versant Capital Management Inc now owns 5,462 shares of the financial services provider’s stock worth $207,000 after buying an additional 398 shares during the period. Canandaigua National Bank & Trust Co. lifted its holdings in Bank of America by 8.4% in the first quarter. Canandaigua National Bank & Trust Co. now owns 108,235 shares of the financial services provider’s stock worth $4,104,000 after buying an additional 8,369 shares during the period. Confluence Investment Management LLC purchased a new stake in Bank of America in the first quarter worth about $409,000. First Financial Bank Trust Division lifted its holdings in Bank of America by 6.3% in the first quarter. First Financial Bank Trust Division now owns 225,282 shares of the financial services provider’s stock worth $8,543,000 after buying an additional 13,316 shares during the period. Finally, A.P. Gilfoyle & Co. L.P. lifted its holdings in Bank of America by 388.9% in the first quarter. A.P. Gilfoyle & Co. L.P. now owns 2,200 shares of the financial services provider’s stock worth $83,000 after buying an additional 1,750 shares during the period. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research analyst reports. Piper Sandler raised their price objective on shares of Bank of America from $35.00 to $37.00 and gave the stock an “underweight” rating in a report on Tuesday, June 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Thursday, April 18th. JPMorgan Chase & Co. lifted their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Trading Up 1.2 %

NYSE:BAC opened at $39.99 on Wednesday. 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 12 month low of $24.96 and a 12 month high of $40.19. The company has a market cap of $312.74 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.76 and a beta of 1.36. The company has a 50 day simple moving average of $38.32 and a two-hundred day simple moving average of $35.63.

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, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 EPS. Research analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared 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. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 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.