Bank of America Co. (NYSE:BAC) Stock Holdings Lifted by Brookmont Capital Management

Brookmont Capital Management lifted its position in Bank of America Co. (NYSE:BAC) by 2.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,906 shares of the financial services provider’s stock after acquiring an additional 1,769 shares during the period. Bank of America comprises approximately 1.6% of Brookmont Capital Management’s holdings, making the stock its 23rd largest position. Brookmont Capital Management’s holdings in Bank of America were worth $2,992,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in BAC. Livelsberger Financial Advisory acquired a new stake in Bank of America in the fourth quarter valued at approximately $28,000. Northwest Investment Counselors LLC acquired a new stake in Bank of America in the first quarter valued at approximately $33,000. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America in the third quarter worth $25,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America in the fourth quarter worth $32,000. Finally, Mark Sheptoff Financial Planning LLC lifted its stake in shares of Bank of America by 431.0% in the fourth 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. 70.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BAC shares. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. Jefferies Financial Group boosted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a report on Monday, April 8th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Evercore ISI upped their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a 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 assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $39.79.

Bank of America Stock Performance

BAC traded up $0.52 during trading hours on Friday, reaching $39.77. The company’s stock had a trading volume of 50,584,278 shares, compared to its average volume of 38,957,273. The company’s 50-day moving average is $38.91 and its 200-day moving average is $36.06. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The firm has a market cap of $311.02 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.49 and a beta of 1.36. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC) last posted 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 company had revenue of $25.82 billion during 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 EPS. On average, equities analysts forecast that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.41%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.