Orion Portfolio Solutions LLC Boosts Stake in Bank of America Co. (NYSE:BAC)

Orion Portfolio Solutions LLC raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 1.7% in the 2nd quarter, Holdings Channel reports. The firm owned 53,776 shares of the financial services provider’s stock after purchasing an additional 916 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Bank of America were worth $1,674,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Gryphon Financial Partners LLC boosted its stake in Bank of America by 4.0% in the 1st quarter. Gryphon Financial Partners LLC now owns 10,805 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 419 shares in the last quarter. RDA Financial Network boosted its holdings in Bank of America by 22.5% in the 1st quarter. RDA Financial Network now owns 17,789 shares of the financial services provider’s stock valued at $733,000 after purchasing an additional 3,269 shares during the last quarter. First Heartland Consultants Inc. raised its position in Bank of America by 23.2% in the second quarter. First Heartland Consultants Inc. now owns 12,430 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 2,341 shares during the period. Vestmark Advisory Solutions Inc. grew its holdings in shares of Bank of America by 6.7% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 189,342 shares of the financial services provider’s stock worth $7,805,000 after purchasing an additional 11,847 shares during the period. Finally, Atria Wealth Solutions Inc. acquired a new stake in shares of Bank of America during the 1st quarter worth about $13,302,000. 68.48% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BAC shares. Barclays dropped their price objective on shares of Bank of America from $58.00 to $51.00 and set an “overweight” rating for the company in a report on Tuesday, July 19th. Royal Bank of Canada reduced their target price on Bank of America from $45.00 to $40.00 in a report on Tuesday, July 19th. Societe Generale raised Bank of America from a “hold” rating to a “buy” rating and set a $37.50 price target on the stock in a report on Monday, July 11th. Credit Suisse Group reduced their target price on shares of Bank of America from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Tuesday, July 19th. Finally, Wells Fargo & Company lowered their price target on shares of Bank of America from $66.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, July 1st. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $46.58.

Bank of America Price Performance

Shares of BAC opened at $32.50 on Friday. Bank of America Co. has a 12 month low of $29.67 and a 12 month high of $50.11. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a fifty day moving average price of $34.13 and a 200 day moving average price of $35.84. The company has a market cap of $261.15 billion, a P/E ratio of 10.16, a PEG ratio of 1.48 and a beta of 1.37.

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

Bank of America Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors 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 yield of 2.71%. This is a positive change 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 dividend payout ratio is 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.

Recommended Stories

Want to see what other hedge funds are holding BAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of America Co. (NYSE:BACGet Rating).

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

Receive News & Ratings for Bank of America Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of America and related companies with MarketBeat.com's FREE daily email newsletter.