Mill Capital Management LLC Acquires 697 Shares of Bank of America Corporation (NYSE:BAC)

by · The Markets Daily

Mill Capital Management LLC boosted its holdings in Bank of America Corporation (NYSE:BAC) by 2.0% during the first quarter, Holdings Channel reports. The fund owned 35,152 shares of the financial services provider’s stock after purchasing an additional 697 shares during the period. Mill Capital Management LLC’s holdings in Bank of America were worth $1,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter worth about $25,000. Fairway Wealth LLC bought a new position in Bank of America in the 4th quarter valued at about $29,000. Vega Investment Solutions acquired a new stake in Bank of America during the fourth quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Bank of America during the fourth quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $34,000. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Performance

BAC stock opened at $46.66 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The firm has a market cap of $351.46 billion, a PE ratio of 13.89, a P/E/G ratio of 1.26 and a beta of 1.30. The business has a 50 day moving average of $42.72 and a 200-day moving average of $43.30. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC – Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share 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 firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Wall Street Analysts Forecast Growth

BAC has been the subject of several recent research reports. Citigroup reduced their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $45.00 to $50.00 in a research note on Friday, March 7th. Argus decreased their target price on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, Cfra Research raised their target price on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. 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 stock. According to MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Check Out Our Latest Stock Report on BAC

Bank of America Profile

(Free Report)

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.

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