Contravisory Investment Management Inc. Buys Shares of 219,993 Bank of America Co. (NYSE:BAC)

Contravisory Investment Management Inc. bought a new stake in Bank of America Co. (NYSE:BAC) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 219,993 shares of the financial services provider’s stock, valued at approximately $8,342,000. Bank of America accounts for approximately 1.8% of Contravisory Investment Management Inc.’s investment portfolio, making the stock its 22nd biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Bank of America during the fourth quarter worth $3,734,407,000. Price T Rowe Associates Inc. MD increased its position in shares of Bank of America by 10.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 104,030,844 shares of the financial services provider’s stock worth $3,502,720,000 after acquiring an additional 9,879,524 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 41,833,075 shares of the financial services provider’s stock worth $1,408,520,000 after purchasing an additional 1,315,056 shares in the last quarter. Parnassus Investments LLC grew its stake in shares of Bank of America by 7.8% during the fourth quarter. Parnassus Investments LLC now owns 40,508,709 shares of the financial services provider’s stock worth $1,363,928,000 after purchasing an additional 2,935,040 shares in the last quarter. Finally, Capital World Investors grew its stake in shares of Bank of America by 12.1% during the fourth quarter. Capital World Investors now owns 40,189,379 shares of the financial services provider’s stock worth $1,353,216,000 after purchasing an additional 4,338,679 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Citigroup upped their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, Jefferies Financial Group increased their target price on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $39.79.

Bank of America Price Performance

Shares of BAC stock traded down $0.50 during trading hours on Friday, hitting $39.49. The company’s stock had a trading volume of 72,251,511 shares, compared to its average volume of 31,317,156. The business has a fifty day moving average of $38.53 and a 200-day moving average of $35.79. The stock has a market cap of $308.83 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.78 and a beta of 1.36. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.31. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the business earned $0.94 earnings per share. Bank of America’s revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio is presently 33.22%.

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