Lakeshore Capital Group Inc. acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 15,717 shares of the financial services provider's stock, valued at approximately $691,000.
Several other institutional investors have also made changes to their positions in the stock. Collier Financial acquired a new stake in Bank of America during the fourth quarter valued at $25,000. Life Planning Partners Inc lifted its holdings in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after buying an additional 545,936 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $29,000. Finally, Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter valued at about $30,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have issued reports on the stock. TD Cowen assumed coverage on shares of Bank of America in a research note on Thursday, May 15th. They issued a "buy" rating and a $53.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Baird R W raised shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Evercore ISI reduced their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Finally, Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.50.
Check Out Our Latest Report on Bank of America
Bank of America Trading Up 0.1%
NYSE BAC traded up $0.05 on Thursday, hitting $44.11. The company's stock had a trading volume of 13,312,587 shares, compared to its average volume of 39,697,005. 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 1-year low of $33.07 and a 1-year high of $48.08. The company's 50-day moving average is $40.42 and its 200 day moving average is $43.59. The firm has a market cap of $332.24 billion, a PE ratio of 13.70, 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, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analysts' expectations of $26.83 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. As a group, analysts predict that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.
Bank of America Announces Dividend
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%.
About Bank of America
(
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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