Barry Investment Advisors LLC Has $599,000 Stock Position in Bank of America Co. (NYSE:BAC)

Barry Investment Advisors LLC grew its position in Bank of America Co. (NYSE:BAC) by 11.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,697 shares of the financial services provider’s stock after buying an additional 1,633 shares during the quarter. Barry Investment Advisors LLC’s holdings in Bank of America were worth $599,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BAC. Norges Bank acquired a new position in shares of Bank of America in the fourth quarter worth about $3,734,407,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Bank of America by 360.9% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 37,290,357 shares of the financial services provider’s stock worth $1,255,514,000 after buying an additional 29,198,846 shares during the period. Alphinity Investment Management Pty Ltd boosted its holdings in shares of Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after buying an additional 12,880,492 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Bank of America by 10.5% in 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 buying an additional 9,879,524 shares during the period. Finally, Darsana Capital Partners LP purchased a new stake in shares of Bank of America in the third quarter worth approximately $177,970,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BAC. Evercore ISI increased their price target on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Jefferies Financial Group increased their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. JPMorgan Chase & Co. increased their price target on shares of Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Oppenheimer increased their price target on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Bank of America has an average rating of “Hold” and a consensus target price of $39.79.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.52 during trading on Friday, reaching $39.77. The stock had a trading volume of 52,028,200 shares, compared to its average volume of 35,164,596. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $40.34. The firm has a market capitalization of $311.02 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.52 and a beta of 1.36. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $38.91 and a two-hundred day simple moving average of $36.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for 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 last year, the company posted $0.94 earnings per share. As a group, analysts anticipate that Bank of America Co. will post 3.22 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.24 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. Bank of America’s payout ratio is 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.