6,334 Shares in Bank of America Corporation (NYSE:BAC) Purchased by BluePointe Capital Management LLC

BluePointe Capital Management LLC bought a new position in Bank of America Corporation (NYSE:BAC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,334 shares of the financial services provider's stock, valued at approximately $264,000.

Other hedge funds also recently bought and sold shares of the company. Graney & King LLC purchased a new stake in shares of Bank of America in the 4th quarter worth about $25,000. Vega Investment Solutions purchased a new stake in Bank of America in the fourth quarter worth about $30,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Bank of America during the fourth quarter valued at approximately $31,000. Spurstone Advisory Services LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $34,000. Finally, Glass Jacobson Investment Advisors llc boosted its position in shares of Bank of America by 53.0% in the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Bank of America stock traded down $0.98 during mid-day trading on Tuesday, hitting $46.09. The stock had a trading volume of 55,093,267 shares, compared to its average volume of 39,823,948. Bank of America Corporation has a one year low of $33.07 and a one year high of $49.31. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $347.14 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.28 and a beta of 1.30. The firm's 50 day moving average is $45.11 and its 200 day moving average is $43.57.

Bank of America (NYSE:BAC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate 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 forecast that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Friday, June 6th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.26%. Bank of America's dividend payout ratio (DPR) is 30.95%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BAC shares. Cfra Research increased their target price on Bank of America to $47.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. HSBC cut shares of Bank of America from a "buy" rating to a "hold" rating and upped their price target for the stock from $47.00 to $51.00 in a research note on Monday, July 7th. TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. Phillip Securities upgraded shares of Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.89.

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.