Brooklyn FI LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 24,416 shares of the financial services provider's stock, valued at approximately $1,081,000.
Other hedge funds have also made changes to their positions in the company. Collier Financial acquired a new stake in shares of Bank of America in the 4th quarter valued at about $25,000. Life Planning Partners Inc boosted its holdings in shares of Bank of America by 3,883.2% in the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in shares of Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at $29,000. Finally, Vega Investment Solutions purchased a new stake in Bank of America in the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 70.71% of the company's stock.
Bank of America Stock Up 0.2%
Bank of America stock traded up $0.07 during midday trading on Thursday, reaching $44.13. The stock had a trading volume of 16,319,728 shares, compared to its average volume of 43,848,754. The company has a fifty day moving average price of $40.42 and a two-hundred day moving average price of $43.59. The company has a market capitalization of $332.37 billion, a P/E ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. 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 Co. has a 12 month low of $33.06 and a 12 month high of $48.08.
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 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 company had revenue of $27.37 billion for the quarter, compared to analyst estimates 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. 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. Evercore ISI reduced their target price on shares of Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Keefe, Bruyette & Woods lowered 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 report on Wednesday, April 16th. Barclays lowered their price target 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. Robert W. Baird raised shares of Bank of America from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.50.
Read Our Latest Research Report on Bank of America
Bank of America Company Profile
(
Free Report)
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.
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