Capital Investment Counsel Inc Has $3.75 Million Position in Bank of America Corporation (NYSE:BAC)

Capital Investment Counsel Inc grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 2.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,752 shares of the financial services provider’s stock after buying an additional 2,275 shares during the quarter. Capital Investment Counsel Inc’s holdings in Bank of America were worth $3,745,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Bank of America by 1.4% in 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 during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank acquired a new position in shares of Bank of America during the 4th quarter worth approximately $5,226,989,000. Capital World Investors raised its stake 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 valued at $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Finally, Northern Trust Corp boosted its position in Bank of America by 17.2% during the fourth 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 during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on BAC. Cowen started coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a “buy” rating for the company. Royal Bank Of Canada set a $53.00 price objective on Bank of America and gave the stock an “outperform” rating in a report on Monday. Evercore ISI lowered their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. The Goldman Sachs Group boosted their target price on shares of Bank of America from $46.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Finally, Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Bank of America has an average rating of “Moderate Buy” and an average price target of $47.98.

Bank of America Stock Performance

Shares of Bank of America stock opened at $48.68 on Thursday. The company has a market cap of $366.65 billion, a P/E ratio of 14.49, a PEG ratio of 1.31 and a beta of 1.30. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The business has a 50-day moving average price of $43.91 and a two-hundred day moving average price of $43.39. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.75.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Friday, June 6th. Bank of America’s payout ratio is 30.95%.

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.