KG&L Capital Management LLC Increases Holdings in Bank of America Corporation (NYSE:BAC)

KG&L Capital Management LLC grew its holdings in shares of Bank of America Corporation (NYSE:BAC) by 11.2% during the 1st quarter, HoldingsChannel reports. The fund owned 103,918 shares of the financial services provider’s stock after acquiring an additional 10,439 shares during the quarter. Bank of America makes up 1.4% of KG&L Capital Management LLC’s investment portfolio, making the stock its 17th biggest position. KG&L Capital Management LLC’s holdings in Bank of America were worth $4,337,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in BAC. Graney & King LLC bought a new position in Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions purchased a new stake in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America in the fourth quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC purchased a new position in shares of Bank of America in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $46.85 on Thursday. The business has a fifty day moving average price of $42.91 and a 200-day moving average price of $43.33. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market capitalization of $352.87 billion, a PE ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08.

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

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.22%. Bank of America’s dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BAC shares. Cfra Research upped their price target on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. Phillip Securities upgraded shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. Morgan Stanley raised their target price on Bank of America from $47.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Cowen began coverage on Bank of America in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.40.

Bank of America Company 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.