M.E. Allison & CO. Inc. Purchases 1,202 Shares of Bank of America Co. (NYSE:BAC)

M.E. Allison & CO. Inc. raised its position in shares of Bank of America Co. (NYSE:BAC) by 10.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,885 shares of the financial services provider’s stock after purchasing an additional 1,202 shares during the period. M.E. Allison & CO. Inc.’s holdings in Bank of America were worth $538,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Graney & King LLC bought a new stake in Bank of America during the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the 4th quarter worth $29,000. Vega Investment Solutions bought a new position in shares of Bank of America in the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the 4th quarter worth $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the 4th quarter worth $34,000. 70.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Cowen assumed coverage on Bank of America in a research report on Wednesday, May 14th. They issued a “buy” rating for the company. UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Barclays reduced their price target on Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. reduced their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Moderate Buy” and a consensus price target of $47.69.

Bank of America Stock Performance

Shares of BAC stock opened at $44.04 on Monday. The stock has a market cap of $331.67 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The business has a 50-day simple moving average of $41.50 and a 200-day simple moving average of $43.36. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. On average, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

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.