Alpine Bank Wealth Management Makes New Investment in Bank of America Corporation (NYSE:BAC)

Alpine Bank Wealth Management bought a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,695 shares of the financial services provider's stock, valued at approximately $446,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BAC. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Bank of America by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock valued at $173,168,000 after purchasing an additional 173,021 shares in the last quarter. OFI Invest Asset Management bought a new position in Bank of America during the fourth quarter valued at $60,679,000. Arizona State Retirement System increased its holdings in shares of Bank of America by 0.5% in the 4th quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock worth $89,150,000 after buying an additional 10,377 shares during the last quarter. Gradient Investments LLC raised its position in shares of Bank of America by 7.8% during the 1st quarter. Gradient Investments LLC now owns 696,416 shares of the financial services provider's stock valued at $29,061,000 after buying an additional 50,296 shares in the last quarter. Finally, Keybank National Association OH grew its position in Bank of America by 1.1% in the fourth quarter. Keybank National Association OH now owns 3,458,616 shares of the financial services provider's stock worth $152,006,000 after acquiring an additional 38,258 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.4%

Shares of BAC traded up $0.66 during trading on Thursday, reaching $47.51. The company's stock had a trading volume of 40,075,726 shares, compared to its average volume of 39,865,895. The company has a market cap of $357.83 billion, a price-to-earnings ratio of 13.94, a P/E/G ratio of 1.27 and a beta of 1.30. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 1.11. The company has a fifty day moving average of $42.91 and a two-hundred day moving average of $43.33. Bank of America Corporation 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 earnings results 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 return on equity of 10.25% and a net margin of 14.56%. The company had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. On average, sell-side analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, June 6th. Bank of America's dividend payout ratio (DPR) is 30.95%.

Analysts Set New Price Targets

Several research firms have recently issued reports on BAC. Argus lowered their price objective on Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. decreased their price target on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Finally, 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 for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.56.

About Bank of America

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.