Asset Advisors Investment Management LLC Has $273,000 Position in Bank of America Corporation (NYSE:BAC)

Asset Advisors Investment Management LLC increased its holdings in shares of Bank of America Corporation (NYSE:BAC) by 8.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,534 shares of the financial services provider’s stock after buying an additional 533 shares during the quarter. Asset Advisors Investment Management LLC’s holdings in Bank of America were worth $273,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock valued at $6,243,000,000 after acquiring an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Norges Bank purchased a new position in Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors increased its position in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Down 0.3%

NYSE:BAC opened at $46.00 on Thursday. The company has a market cap of $346.49 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 1.26 and a beta of 1.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock’s fifty day moving average price is $45.32 and its two-hundred day moving average price is $43.60. Bank of America Corporation has a 52-week low of $33.07 and a 52-week high of $49.31.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of ($22,273.00) million for the quarter, compared to analysts’ expectations of $26.79 billion. During the same quarter last year, the business earned $0.83 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BAC shares. Cfra Research boosted their price target on Bank of America to $47.00 and gave the company a “buy” rating in a research note on Wednesday, April 16th. Oppenheimer cut their target price on Bank of America from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday. Baird R W downgraded Bank of America from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 27th. UBS Group increased their price target on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Finally, HSBC downgraded shares of Bank of America from a “buy” rating to a “hold” rating and upped their price objective for the stock from $47.00 to $51.00 in a report on Monday, July 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and an average target price of $49.55.

Bank of America 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.