Compagnie Lombard Odier SCmA Makes New $66.76 Million Investment in Bank of America Co. (NYSE:BAC)

Compagnie Lombard Odier SCmA acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,599,775 shares of the financial services provider's stock, valued at approximately $66,759,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ferguson Wellman Capital Management Inc. grew its position in shares of Bank of America by 43.4% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 20,581 shares of the financial services provider's stock valued at $859,000 after acquiring an additional 6,226 shares during the period. FMB Wealth Management purchased a new position in shares of Bank of America in the 1st quarter worth approximately $363,000. Simon Quick Advisors LLC boosted its stake in shares of Bank of America by 11.8% in the 1st quarter. Simon Quick Advisors LLC now owns 445,157 shares of the financial services provider's stock worth $18,576,000 after buying an additional 47,036 shares during the last quarter. Baker Ellis Asset Management LLC boosted its stake in shares of Bank of America by 11.9% in the 1st quarter. Baker Ellis Asset Management LLC now owns 16,235 shares of the financial services provider's stock worth $677,000 after buying an additional 1,730 shares during the last quarter. Finally, Skyline Advisors Inc. increased its position in shares of Bank of America by 1.5% during the 1st quarter. Skyline Advisors Inc. now owns 21,337 shares of the financial services provider's stock valued at $890,000 after purchasing an additional 315 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE BAC traded down $0.12 during mid-day trading on Thursday, hitting $44.61. The stock had a trading volume of 30,103,862 shares, compared to its average volume of 39,738,327. The firm's 50 day moving average is $41.14 and its 200 day moving average is $43.46. The stock has a market capitalization of $336.00 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly 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. The business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.33%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. TD Cowen initiated coverage on shares of Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price for the company. Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Keefe, Bruyette & Woods cut their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Finally, Wall Street Zen downgraded shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.69.

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.