Beaumont Financial Partners LLC Buys 7,033 Shares of Bank of America Co. (NYSE:BAC)

Beaumont Financial Partners LLC raised its holdings in shares of Bank of America Co. (NYSE:BACGet Rating) by 9.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 85,448 shares of the financial services provider’s stock after purchasing an additional 7,033 shares during the quarter. Beaumont Financial Partners LLC’s holdings in Bank of America were worth $3,522,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Bromfield Sneider Wealth Advisors purchased a new stake in Bank of America during the first quarter valued at about $26,000. Corbenic Partners LLC lifted its holdings in shares of Bank of America by 201.9% in the first quarter. Corbenic Partners LLC now owns 631 shares of the financial services provider’s stock worth $26,000 after buying an additional 422 shares in the last quarter. Bivin & Associates Inc. purchased a new stake in shares of Bank of America in the fourth quarter worth about $28,000. Cassady Schiller Wealth Management LLC purchased a new stake in shares of Bank of America in the fourth quarter worth about $39,000. Finally, Crewe Advisors LLC lifted its holdings in shares of Bank of America by 198.0% in the fourth quarter. Crewe Advisors LLC now owns 894 shares of the financial services provider’s stock worth $40,000 after buying an additional 594 shares in the last quarter. 70.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BAC. The Goldman Sachs Group lowered their price target on shares of Bank of America from $52.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, April 20th. BMO Capital Markets decreased their price objective on shares of Bank of America from $48.00 to $46.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 19th. Credit Suisse Group decreased their price objective on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 19th. Royal Bank of Canada decreased their price objective on shares of Bank of America from $45.00 to $40.00 in a research report on Tuesday, July 19th. Finally, Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective on the stock in a research report on Monday, July 11th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $46.66.

Bank of America Trading Up 1.7 %

BAC stock traded up $0.56 on Friday, reaching $33.96. The company’s stock had a trading volume of 35,874,544 shares, compared to its average volume of 38,960,488. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $272.88 billion, a PE ratio of 10.61, a PEG ratio of 1.47 and a beta of 1.39. The business has a fifty day simple moving average of $33.10 and a two-hundred day simple moving average of $38.49. 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 quarterly earnings results on Monday, July 18th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.02). The company had revenue of $22.69 billion during the quarter, compared to analysts’ expectations of $22.79 billion. Bank of America had a return on equity of 11.51% and a net margin of 28.89%. Bank of America’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 EPS. As a group, research analysts forecast that Bank of America Co. will post 3.24 EPS for the current year.

Bank of America Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Thursday, September 1st. This is a positive change from Bank of America’s previous quarterly dividend of $0.21. Bank of America’s payout ratio is currently 26.25%.

About Bank of America

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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.

Further Reading

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

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