Cim Investment Mangement Inc. Increases Holdings in Bank of America Corp (NYSE:BAC)

Cim Investment Mangement Inc. raised its stake in shares of Bank of America Corp (NYSE:BAC) by 3.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,153 shares of the financial services provider’s stock after buying an additional 1,347 shares during the period. Cim Investment Mangement Inc.’s holdings in Bank of America were worth $810,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Firestone Capital Management purchased a new stake in Bank of America during the 4th quarter valued at $45,000. Wealth Alliance purchased a new stake in shares of Bank of America in the 4th quarter worth $71,000. Cox Capital Mgt LLC purchased a new stake in shares of Bank of America in the 1st quarter worth $27,000. Lloyd Advisory Services LLC. purchased a new stake in shares of Bank of America in the 4th quarter worth $45,000. Finally, Center for Financial Planning Inc. increased its stake in shares of Bank of America by 122.7% in the 1st quarter. Center for Financial Planning Inc. now owns 1,361 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 750 shares in the last quarter. Institutional investors and hedge funds own 69.26% of the company’s stock.

Shares of BAC traded up $0.17 during midday trading on Tuesday, hitting $24.79. 45,151,773 shares of the company traded hands, compared to its average volume of 87,459,104. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.91 and a current ratio of 0.92. Bank of America Corp has a 52 week low of $17.95 and a 52 week high of $35.72. The firm has a 50 day moving average of $24.21 and a 200-day moving average of $28.21. The stock has a market cap of $216.98 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 2.44 and a beta of 1.58.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.20). Bank of America had a net margin of 21.64% and a return on equity of 10.64%. The business had revenue of $22.77 billion during the quarter, compared to the consensus estimate of $22.58 billion. During the same period in the previous year, the business posted $0.70 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. Sell-side analysts predict that Bank of America Corp will post 1.48 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Thursday, June 4th. Bank of America’s payout ratio is 24.49%.

Several equities research analysts have recently commented on BAC shares. Cfra reduced their price objective on Bank of America from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Wednesday, April 15th. BMO Capital Markets reduced their price objective on Bank of America from $26.00 to $24.00 and set a “market perform” rating for the company in a research note on Thursday, April 16th. UBS Group upped their price objective on Bank of America from $20.00 to $21.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Citigroup reduced their price objective on Bank of America from $30.00 to $27.00 and set a “hold” rating for the company in a research note on Friday, March 27th. Finally, Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a report on Tuesday, March 17th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $29.56.

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 through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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