13,242 Shares in Bank of America Co. (NYSE:BAC) Purchased by Brucke Financial Inc.

Brucke Financial Inc. bought a new position in Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 13,242 shares of the financial services provider's stock, valued at approximately $613,000.

Several other institutional investors and hedge funds have also bought and sold shares of BAC. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Bank of America by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,940,121 shares of the financial services provider's stock worth $173,168,000 after acquiring 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 approximately $60,679,000. Arizona State Retirement System increased its holdings in Bank of America by 0.5% during the fourth quarter. Arizona State Retirement System now owns 2,028,439 shares of the financial services provider's stock valued at $89,150,000 after buying an additional 10,377 shares during the last quarter. Keybank National Association OH increased its stake in shares of 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 purchasing an additional 38,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider's stock worth $1,886,769,000 after purchasing an additional 297,858 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Stock Down 0.3%

Shares of BAC traded down $0.14 during midday trading on Wednesday, hitting $44.08. The company had a trading volume of 35,352,234 shares, compared to its average volume of 39,763,309. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The company's 50 day moving average price is $40.39 and its 200 day moving average price is $43.58. The stock has a market cap of $332.01 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly 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 net margin of 14.10% and a return on equity of 10.29%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. On average, equities research analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business 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. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.36%. Bank of America's dividend payout ratio is presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Argus lowered their price objective on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Cfra Research lifted their price objective on shares of Bank of America to $47.00 and gave the company a "buy" rating in a report on Wednesday, April 16th. Cowen assumed coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating 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, Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Two research 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 company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.50.

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.