Massachusetts Wealth Management Has $2.73 Million Stake in Bank of America Co. (NYSE:BAC)

Massachusetts Wealth Management increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,972 shares of the financial services provider’s stock after purchasing an additional 906 shares during the quarter. Bank of America makes up about 1.9% of Massachusetts Wealth Management’s investment portfolio, making the stock its 12th biggest holding. Massachusetts Wealth Management’s holdings in Bank of America were worth $2,729,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BAC. Livelsberger Financial Advisory acquired a new stake in Bank of America in the fourth quarter valued at $28,000. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the 1st quarter worth about $33,000. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth about $25,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $32,000. Finally, Mark Sheptoff Financial Planning LLC lifted its stake in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 0.1 %

BAC opened at $40.90 on Thursday. The company’s 50 day moving average is $39.00 and its 200-day moving average is $36.22. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $41.20. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $319.85 billion, a P/E ratio of 14.15, a PEG ratio of 1.56 and a beta of 1.35.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating 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 company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the company posted $0.94 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts predict that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm 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 was Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.35%. Bank of America’s dividend payout ratio is presently 33.22%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. Jefferies Financial Group raised their price target on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.02.

About Bank of America

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.