Roffman Miller Associates Inc. PA Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Roffman Miller Associates Inc. PA raised its position in shares of Bank of America Co. (NYSE:BAC) by 1.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 620,281 shares of the financial services provider’s stock after buying an additional 5,972 shares during the quarter. Bank of America comprises about 1.5% of Roffman Miller Associates Inc. PA’s investment portfolio, making the stock its 29th largest holding. Roffman Miller Associates Inc. PA’s holdings in Bank of America were worth $20,885,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BAC. Northern Trust Corp increased its position in shares of Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock worth $1,852,222,000 after purchasing an additional 1,397,469 shares in the last quarter. Barclays PLC increased its position in Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Bank of America by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock valued at $1,109,383,000 after buying an additional 746,756 shares during the last quarter. California Public Employees Retirement System boosted its holdings in Bank of America by 5.9% in the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after acquiring an additional 1,250,096 shares in the last quarter. Finally, Pzena Investment Management LLC grew its stake in shares of Bank of America by 28.7% during the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock worth $531,997,000 after acquiring an additional 4,335,882 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

NYSE BAC traded up $0.01 during mid-day trading on Friday, hitting $37.92. The stock had a trading volume of 14,273,755 shares, compared to its average volume of 41,261,008. The firm’s 50 day moving average is $36.06 and its 200 day moving average is $32.64. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $299.21 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 1.72 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. Equities research analysts forecast that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. Bank of America’s payout ratio is 33.22%.

Analyst Ratings Changes

BAC has been the topic of several research analyst reports. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Jefferies Financial Group increased their price target on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Finally, Wells Fargo & Company lifted their price objective on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Company 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.