Sunbeam Capital Management LLC Takes $265,000 Position in Bank of America Co. (NYSE:BAC)

Sunbeam Capital Management LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,026 shares of the financial services provider's stock, valued at approximately $265,000.

Several other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Bank of America by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider's stock worth $6,243,000,000 after acquiring an additional 2,033,229 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Bank of America by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the period. Norges Bank purchased a new stake in Bank of America in the 4th quarter worth approximately $5,226,989,000. Capital World Investors grew its stake in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the period. Finally, Northern Trust Corp grew its stake in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after acquiring an additional 9,980,859 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on BAC shares. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. UBS Group lifted their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. Barclays lowered their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Cowen started coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Stock Down 0.3%

Bank of America stock traded down $0.14 during trading on Wednesday, reaching $44.08. 35,350,965 shares of the company's stock were exchanged, compared to its average volume of 39,763,306. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $332.01 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.21 and a beta of 1.27. The company's 50-day moving average is $40.39 and its two-hundred day moving average is $43.58.

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

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. 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.