Mayfair Advisory Group LLC Boosts Stock Holdings in Bank of America Co. (NYSE:BAC)

Mayfair Advisory Group LLC lifted its position in shares of Bank of America Co. (NYSE:BAC) by 23.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,824 shares of the financial services provider’s stock after buying an additional 1,890 shares during the period. Mayfair Advisory Group LLC’s holdings in Bank of America were worth $373,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in BAC. Rossmore Private Capital grew its holdings in shares of Bank of America by 1.2% during the 4th quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 303 shares during the period. Chemistry Wealth Management LLC increased its position in shares of Bank of America by 0.3% in the first quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock worth $4,154,000 after acquiring an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC raised its stake in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 314 shares during the period. Kennedy Investment Group lifted its holdings in shares of Bank of America by 0.6% during the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares in the last quarter. Finally, Private Ocean LLC boosted its position in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. UBS Group restated a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Evercore ISI upped their price target on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Oppenheimer lifted their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Tuesday, April 30th. StockNews.com downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Performance

Shares of Bank of America stock traded up $0.52 during trading hours on Friday, reaching $39.77. The company’s stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. Bank of America Co. has a one year low of $24.96 and a one year high of $40.34. The company’s 50 day simple moving average is $38.91 and its 200 day simple moving average is $36.12. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $311.02 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.52 and a beta of 1.36.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was 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.