Regent Investment Management LLC Acquires 2,745 Shares of Bank of America Co. (NYSE:BAC)

Regent Investment Management LLC lifted its holdings in Bank of America Co. (NYSE:BACGet Rating) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,441 shares of the financial services provider’s stock after acquiring an additional 2,745 shares during the period. Bank of America makes up approximately 1.0% of Regent Investment Management LLC’s portfolio, making the stock its 24th biggest position. Regent Investment Management LLC’s holdings in Bank of America were worth $3,531,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in BAC. 180 Wealth Advisors LLC raised its position in shares of Bank of America by 1.4% in the first quarter. 180 Wealth Advisors LLC now owns 18,348 shares of the financial services provider’s stock valued at $726,000 after buying an additional 260 shares during the last quarter. Weik Capital Management raised its position in shares of Bank of America by 1.0% in the fourth quarter. Weik Capital Management now owns 28,595 shares of the financial services provider’s stock valued at $1,272,000 after buying an additional 275 shares during the last quarter. Verus Financial Partners Inc. raised its position in shares of Bank of America by 3.4% in the first quarter. Verus Financial Partners Inc. now owns 8,777 shares of the financial services provider’s stock valued at $344,000 after buying an additional 287 shares during the last quarter. Abbrea Capital LLC raised its position in shares of Bank of America by 0.4% in the first quarter. Abbrea Capital LLC now owns 79,121 shares of the financial services provider’s stock valued at $3,261,000 after buying an additional 290 shares during the last quarter. Finally, Greytown Advisors Inc. increased its position in Bank of America by 0.5% during the fourth quarter. Greytown Advisors Inc. now owns 64,438 shares of the financial services provider’s stock worth $2,867,000 after purchasing an additional 300 shares during the last quarter. 68.48% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Bank of America from $51.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, September 12th. Citigroup cut their price objective on shares of Bank of America from $47.00 to $40.00 in a research report on Tuesday, July 12th. Morgan Stanley cut their price objective on shares of Bank of America from $47.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 12th. Societe Generale upgraded shares of Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price objective for the company in a research report on Monday, July 11th. Finally, Jefferies Financial Group lowered their target price on shares of Bank of America from $43.00 to $33.00 in a research note on Monday, July 11th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $46.58.

Bank of America Stock Down 3.6 %

Bank of America stock traded down $1.16 during trading on Friday, reaching $31.34. The stock had a trading volume of 933,595 shares, compared to its average volume of 38,124,100. Bank of America Co. has a 52-week low of $29.67 and a 52-week high of $50.11. The business has a 50 day moving average price of $34.13 and a 200 day moving average price of $35.84. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 1.15. The stock has a market cap of $251.82 billion, a PE ratio of 10.16, a P/E/G ratio of 1.48 and a beta of 1.37.

Bank of America (NYSE:BACGet Rating) last released its quarterly earnings data on Monday, July 18th. The financial services provider reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.04). Bank of America had a return on equity of 11.51% and a net margin of 28.89%. The company had revenue of $22.69 billion for the quarter, compared to analyst estimates of $22.79 billion. During the same period in the previous year, the business posted $1.03 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts predict that Bank of America Co. will post 3.2 EPS for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 2nd will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.81%. This is a boost from Bank of America’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Thursday, September 1st. Bank of America’s payout ratio is presently 27.50%.

About Bank of America

(Get Rating)

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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