FMB Wealth Management Makes New $363,000 Investment in Bank of America Co. (NYSE:BAC)

FMB Wealth Management acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,693 shares of the financial services provider's stock, valued at approximately $363,000.

A number of other hedge funds have also recently made changes to their positions in BAC. Avalon Trust Co grew its holdings in shares of Bank of America by 14.6% in the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock valued at $76,000 after buying an additional 219 shares during the period. Prossimo Advisors LLC raised its position in shares of Bank of America by 2.5% during the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock worth $390,000 after purchasing an additional 220 shares during the period. Consolidated Planning Corp raised its position in shares of Bank of America by 2.9% during the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider's stock worth $356,000 after purchasing an additional 226 shares during the period. TAGStone Capital Inc. lifted its holdings in shares of Bank of America by 1.2% during the 4th quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider's stock valued at $870,000 after purchasing an additional 227 shares in the last quarter. Finally, TFB Advisors LLC grew its position in shares of Bank of America by 3.8% in the 4th quarter. TFB Advisors LLC now owns 6,342 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 230 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.59 during midday trading on Friday, reaching $44.04. The company's stock had a trading volume of 43,276,878 shares, compared to its average volume of 39,751,425. 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 Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a market cap of $331.67 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.21 and a beta of 1.30. The business's 50 day moving average price is $41.50 and its two-hundred day moving average price is $43.42.

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 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 firm had revenue of $27.37 billion for the quarter, compared to analysts' expectations of $26.83 billion. On average, analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend 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 presently 30.95%.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Cowen assumed coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Cfra Research lifted their price target on Bank of America to $47.00 and gave the company a "buy" rating in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price objective on Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Royal Bank of Canada dropped their target price on Bank of America from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Finally, TD Cowen began coverage on Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and a consensus target price of $47.69.

Bank of America Company 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.