Salem Investment Counselors Inc. Has $44.30 Million Position in Bank of America Co. (NYSE:BAC)

Salem Investment Counselors Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 0.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,168,247 shares of the financial services provider’s stock after acquiring an additional 2,439 shares during the period. Bank of America comprises about 1.5% of Salem Investment Counselors Inc.’s investment portfolio, making the stock its 14th biggest position. Salem Investment Counselors Inc.’s holdings in Bank of America were worth $44,300,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the 4th quarter valued at about $28,000. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter valued at about $25,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC boosted its position in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 862 shares in the last quarter. Finally, ZRC Wealth Management LLC boosted its position in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 1.3 %

NYSE:BAC traded down $0.50 during trading hours on Friday, hitting $39.49. The stock had a trading volume of 72,251,511 shares, compared to its average volume of 31,317,156. Bank of America Co. has a one year low of $24.96 and a one year high of $40.31. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $308.83 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.78 and a beta of 1.36. The business’s 50 day moving average is $38.53 and its 200-day moving average is $35.79.

Bank of America (NYSE:BACGet Free Report) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.43%. The ex-dividend date is Friday, June 7th. Bank of America’s payout ratio is presently 33.22%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent analyst reports. Jefferies Financial Group boosted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Friday, April 19th. UBS Group restated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. JPMorgan Chase & Co. boosted their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $39.79.

View Our Latest Analysis on Bank of America

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

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