Armis Advisers LLC Invests $851,000 in Bank of America Co. (NYSE:BAC)

Armis Advisers LLC bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 19,352 shares of the financial services provider's stock, valued at approximately $851,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Norges Bank bought a new stake in Bank of America during the fourth quarter worth approximately $5,226,989,000. Capital World Investors grew its position in Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after buying an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Bank of America by 10.6% during 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 purchasing an additional 11,691,451 shares in the last quarter. Amundi grew its position in Bank of America by 37.1% during the 4th quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares in the last quarter. Finally, Northern Trust Corp grew its position in Bank of America by 17.2% during 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 purchasing an additional 9,980,859 shares in the last quarter. Institutional investors own 70.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Evercore ISI lowered their price objective on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 1st. UBS Group boosted their price target on shares of Bank of America from $46.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Royal Bank of Canada lowered 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 report on Wednesday, April 16th. Finally, Citigroup lowered 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 report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.50.

Bank of America Price Performance

NYSE BAC traded up $1.00 on Tuesday, reaching $44.20. The company's stock had a trading volume of 36,298,959 shares, compared to its average volume of 39,781,357. The firm has a market cap of $332.91 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The business has a 50-day moving average price of $40.36 and a 200 day moving average price of $43.58. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

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 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. Sell-side analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. 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 2.35%. Bank of America's dividend payout ratio (DPR) is presently 30.95%.

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.