Rosenberg Matthew Hamilton Boosts Stock Holdings in Bank of America Co. (NYSE:BAC)

Rosenberg Matthew Hamilton raised its position in Bank of America Co. (NYSE:BAC) by 12.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,357 shares of the financial services provider’s stock after acquiring an additional 1,262 shares during the period. Rosenberg Matthew Hamilton’s holdings in Bank of America were worth $358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bromfield Sneider Wealth Advisors purchased a new position in shares of Bank of America in the first quarter worth about $26,000. Corbenic Partners LLC lifted its position in shares of Bank of America by 201.9% during the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 422 shares in the last quarter. Oliver Lagore Vanvalin Investment Group bought a new position in shares of Bank of America in the first quarter worth $26,000. Bivin & Associates Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $28,000. Finally, Capital Management Associates NY bought a new stake in shares of Bank of America during the 1st quarter valued at $31,000. Institutional investors own 68.48% of the company’s stock.

Bank of America Stock Down 1.9 %

Shares of NYSE BAC opened at $31.88 on Friday. The firm has a fifty day simple moving average of $34.13 and a two-hundred day simple moving average of $35.84. The firm has a market capitalization of $256.16 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 1.48 and a beta of 1.37. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 12 month low of $29.67 and a 12 month high of $50.11.

Bank of America (NYSE:BACGet Rating) last posted its earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The firm had revenue of $22.69 billion for the quarter, compared to analysts’ expectations of $22.79 billion. During the same quarter last year, the company posted $1.03 EPS. The firm’s revenue was up 5.7% on a year-over-year basis. Equities analysts expect that Bank of America Co. will post 3.2 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 2nd will be paid a dividend of $0.22 per share. The ex-dividend date is Thursday, September 1st. This represents a $0.88 annualized dividend and a yield of 2.76%. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s payout ratio is presently 27.50%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Credit Suisse Group reduced their target price on Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Tuesday, July 19th. Wells Fargo & Company decreased their target price on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, July 1st. Deutsche Bank Aktiengesellschaft cut their price target on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a report on Monday, September 12th. Jefferies Financial Group lowered their price objective on Bank of America from $43.00 to $33.00 in a research report on Monday, July 11th. Finally, Citigroup reduced their target price on Bank of America from $47.00 to $40.00 in a research report on Tuesday, July 12th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.58.

Bank of America Company Profile

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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

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