Advanced Portfolio Management LLC Acquires 19,560 Shares of Bank of America Co. (NYSE:BAC)

Advanced Portfolio Management LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC - Free Report) by 256.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,194 shares of the financial services provider's stock after acquiring an additional 19,560 shares during the period. Bank of America comprises about 1.5% of Advanced Portfolio Management LLC's investment portfolio, making the stock its 26th biggest position. Advanced Portfolio Management LLC's holdings in Bank of America were worth $1,259,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in shares of Bank of America by 3.8% during the third quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider's stock valued at $611,692,000 after acquiring an additional 569,385 shares during the period. Pine Valley Investments Ltd Liability Co lifted its position in Bank of America by 2.2% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 16,579 shares of the financial services provider's stock valued at $658,000 after purchasing an additional 356 shares during the period. Versant Capital Management Inc boosted its stake in shares of Bank of America by 43.7% in the 4th quarter. Versant Capital Management Inc now owns 12,436 shares of the financial services provider's stock valued at $547,000 after purchasing an additional 3,781 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Bank of America by 9.3% during the fourth quarter. GAMMA Investing LLC now owns 103,092 shares of the financial services provider's stock worth $4,531,000 after buying an additional 8,805 shares during the last quarter. Finally, Modus Advisors LLC acquired a new stake in shares of Bank of America during the fourth quarter worth $178,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Down 0.6 %

Shares of NYSE BAC traded down $0.26 during trading on Tuesday, hitting $40.86. The stock had a trading volume of 29,075,719 shares, compared to its average volume of 39,211,585. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a fifty day moving average of $39.95 and a two-hundred day moving average of $43.52. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The company has a market capitalization of $310.62 billion, a PE ratio of 12.69, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio is currently 30.95%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Royal Bank of Canada dropped their price target on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Oppenheimer boosted their target price on shares of Bank of America from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Morgan Stanley upped their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Friday, January 17th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Finally, Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.25.

Bank of America 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.