Lakeshore Capital Group Inc. Takes $691,000 Position in Bank of America Co. (NYSE:BAC)

Lakeshore Capital Group Inc. bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,717 shares of the financial services provider's stock, valued at approximately $691,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider's stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Juncture Wealth Strategies LLC purchased a new position in shares of Bank of America during the fourth quarter valued at approximately $214,000. Patton Albertson Miller Group LLC lifted its stake in shares of Bank of America by 1.7% during the fourth quarter. Patton Albertson Miller Group LLC now owns 151,977 shares of the financial services provider's stock valued at $6,679,000 after buying an additional 2,548 shares during the period. Precedent Wealth Partners LLC lifted its stake in shares of Bank of America by 1.2% during the fourth quarter. Precedent Wealth Partners LLC now owns 34,264 shares of the financial services provider's stock valued at $1,506,000 after buying an additional 400 shares during the period. Finally, Duncan Williams Asset Management LLC purchased a new position in Bank of America during the fourth quarter worth approximately $339,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

Shares of BAC traded up $1.00 during trading hours on Tuesday, hitting $44.20. The stock had a trading volume of 36,298,959 shares, compared to its average volume of 39,781,357. The company's fifty day moving average is $40.36 and its two-hundred day moving average is $43.58. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a 52 week low of $33.07 and a 52 week high of $48.08. The stock has a market capitalization of $332.91 billion, a price-to-earnings ratio of 13.73, a P/E/G 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 (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. On average, analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. Bank of America's payout ratio is presently 30.95%.

Analyst Ratings Changes

A number of research firms have weighed in on BAC. Cowen began coverage on shares of Bank of America in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Oppenheimer reissued an "outperform" rating on shares of Bank of America in a report on Thursday. Keefe, Bruyette & Woods reduced their price target 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. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. cut their price objective 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 equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average 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.