Sunbeam Capital Management LLC Purchases New Stake in Bank of America Co. (NYSE:BAC)

Sunbeam Capital Management LLC bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,026 shares of the financial services provider's stock, valued at approximately $265,000.

A number of other large investors have also bought and sold shares of BAC. Collier Financial bought a new stake in Bank of America during the 4th quarter worth approximately $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions bought a new position in shares of Bank of America during the 4th quarter worth approximately $30,000. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BAC. Evercore ISI decreased their price target on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, April 1st. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. Royal Bank of Canada dropped their price target on shares of 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. Keefe, Bruyette & Woods dropped their price target on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Finally, Citigroup dropped their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Performance

Shares of BAC traded up $0.05 during midday trading on Thursday, reaching $44.11. 13,581,336 shares of the stock were exchanged, compared to its average volume of 43,825,156. Bank of America Co. has a twelve month low of $33.06 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $332.24 billion, a P/E ratio of 13.70, a PEG ratio of 1.21 and a beta of 1.27. The stock's 50 day simple moving average is $40.42 and its 200 day simple moving average is $43.59.

Bank of America (NYSE:BAC - Get Free Report) last posted 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 company had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently declared 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 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

Bank of America Company 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.