Chancellor Financial Group WB LP Purchases Shares of 36,198 Bank of America Co. (NYSE:BAC)

Chancellor Financial Group WB LP acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 36,198 shares of the financial services provider's stock, valued at approximately $1,591,000. Bank of America accounts for approximately 1.3% of Chancellor Financial Group WB LP's portfolio, making the stock its 14th largest holding.

A number of other large investors have also modified their holdings of BAC. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Life Planning Partners Inc grew its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter worth approximately $29,000. Finally, Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BAC. 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 note on Wednesday, April 16th. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Barclays dropped 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 report on Wednesday, April 16th. Citigroup dropped their target price on shares of 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. Finally, JPMorgan Chase & Co. dropped their target price on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America Stock Performance

Shares of Bank of America stock traded down $0.10 on Friday, reaching $44.14. The stock had a trading volume of 66,528,527 shares, compared to its average volume of 39,868,402. The stock has a market cap of $332.46 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The business's 50-day moving average price is $40.46 and its two-hundred day moving average price is $43.56. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Bank of America (NYSE:BAC - Get Free Report) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The firm had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America's payout ratio is currently 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.