Equitable Trust Co. Buys 10,823 Shares of Bank of America Corp (NYSE:BAC)

Equitable Trust Co. boosted its stake in Bank of America Corp (NYSE:BAC) by 7.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 152,832 shares of the financial services provider’s stock after purchasing an additional 10,823 shares during the quarter. Equitable Trust Co.’s holdings in Bank of America were worth $3,244,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cox Capital Mgt LLC bought a new position in Bank of America in the 1st quarter worth about $27,000. Center for Financial Planning Inc. boosted its stake in 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 during the period. Stonebridge Financial Planning Group LLC boosted its stake in Bank of America by 208.0% in the 1st quarter. Stonebridge Financial Planning Group LLC now owns 1,494 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 1,009 shares during the period. Firestone Capital Management boosted its stake in Bank of America by 39.0% in the 1st quarter. Firestone Capital Management now owns 1,786 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 501 shares during the period. Finally, Semmax Financial Advisors Inc. boosted its stake in Bank of America by 490.1% in the 1st quarter. Semmax Financial Advisors Inc. now owns 1,965 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 1,632 shares during the period. Institutional investors and hedge funds own 69.26% of the company’s stock.

Bank of America stock traded up $0.17 during trading hours on Tuesday, reaching $24.79. The company had a trading volume of 45,151,773 shares, compared to its average volume of 87,459,104. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.92 and a quick ratio of 0.91. The company has a 50-day moving average price of $24.21 and a 200 day moving average price of $28.21. The firm has a market cap of $216.98 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 2.44 and a beta of 1.58. Bank of America Corp has a 12-month low of $17.95 and a 12-month high of $35.72.

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). The company had revenue of $22.77 billion during the quarter, compared to analysts’ expectations of $22.58 billion. Bank of America had a return on equity of 10.64% and a net margin of 21.64%. Bank of America’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. As a group, research analysts expect that Bank of America Corp will post 1.48 earnings per share for the current year.

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

BAC has been the subject of a number of research analyst reports. Barclays reiterated a “buy” rating and set a $33.00 price target on shares of Bank of America in a research report on Thursday, April 9th. DA Davidson lifted their price target on Bank of America from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Robert W. Baird upgraded Bank of America from a “neutral” rating to an “outperform” rating and set a $34.00 price target for the company in a research report on Tuesday, March 17th. Wells Fargo & Co lifted their price target on Bank of America from $30.00 to $35.00 in a research report on Friday, June 5th. Finally, Cfra dropped their price target on Bank of America from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target 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.

Further Reading: Inflation

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

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