Brooklyn FI LLC Buys New Shares in Bank of America Co. (NYSE:BAC)

Brooklyn FI LLC acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 24,416 shares of the financial services provider's stock, valued at approximately $1,081,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Employees Retirement System of Texas lifted its holdings in shares of Bank of America by 12.7% during the fourth quarter. Employees Retirement System of Texas now owns 158,455 shares of the financial services provider's stock worth $6,964,000 after buying an additional 17,880 shares during the last quarter. Brucke Financial Inc. acquired a new position in shares of Bank of America during the fourth quarter worth approximately $613,000. Omnia Family Wealth LLC lifted its holdings in shares of Bank of America by 1.9% during the fourth quarter. Omnia Family Wealth LLC now owns 19,027 shares of the financial services provider's stock worth $836,000 after buying an additional 350 shares during the last quarter. ABLE Financial Group LLC lifted its holdings in shares of Bank of America by 20.0% during the fourth quarter. ABLE Financial Group LLC now owns 13,459 shares of the financial services provider's stock worth $592,000 after buying an additional 2,246 shares during the last quarter. Finally, Yoffe Investment Management LLC bought a new position in shares of Bank of America during the 4th quarter worth about $245,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BAC shares. JPMorgan Chase & Co. reduced their target price 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. Citigroup decreased their target price on 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. Barclays lowered their target price on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.

Bank of America Stock Up 2.3%

Shares of NYSE BAC traded up $1.00 during mid-day trading on Tuesday, reaching $44.20. 36,298,959 shares of the company's stock were exchanged, compared to its average volume of 39,781,357. Bank of America Co. has a twelve month low of $33.07 and a twelve month 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. The firm has a market capitalization of $332.91 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.21 and a beta of 1.27. The business has a fifty day simple moving average of $40.36 and a 200 day simple moving average of $43.58.

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 (EPS) 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 business had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. As a group, equities analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.35%. Bank of America's dividend payout ratio is currently 30.95%.

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.