Bank of America Co. (NYSE:BAC) Shares Bought by Grimes & Company Inc.

Grimes & Company Inc. raised its stake in Bank of America Co. (NYSE:BAC) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 317,068 shares of the financial services provider’s stock after acquiring an additional 6,904 shares during the period. Grimes & Company Inc.’s holdings in Bank of America were worth $12,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Ethos Financial Group LLC boosted its stake in shares of Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after buying an additional 492 shares during the period. Auxano Advisors LLC boosted its stake in shares of Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after buying an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC boosted its stake in shares of Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC boosted its stake in shares of Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after buying an additional 46,950 shares during the period. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in shares of Bank of America during the fourth quarter worth about $105,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BAC shares. HSBC reiterated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. JPMorgan Chase & Co. raised their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Evercore ISI raised their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Price Performance

Shares of BAC traded up $0.52 during mid-day trading on Friday, reaching $39.77. 52,028,200 shares of the company’s stock were exchanged, compared to its average volume of 35,164,596. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a 50-day simple moving average of $38.91 and a two-hundred day simple moving average of $36.10. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The company has a market cap of $311.02 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 1.50 and a beta of 1.36.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the company posted $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts predict that Bank of America Co. will post 3.22 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is currently 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.