Leigh Baldwin & CO. LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Leigh Baldwin & CO. LLC bought a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,449 shares of the financial services provider's stock, valued at approximately $899,000.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Barclays reduced their target price on Bank of America from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. decreased their price objective on Bank of America from $49.50 to $43.50 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Oppenheimer reiterated an "outperform" rating on shares of Bank of America in a research report on Thursday, May 22nd. Cowen began coverage on shares of Bank of America in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, TD Cowen assumed coverage on shares of Bank of America in a report on Thursday, May 15th. They set a "buy" rating and a $53.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Bank of America Price Performance

Shares of NYSE:BAC traded up $1.00 during trading hours on Tuesday, hitting $44.20. 36,298,959 shares of the company's stock traded hands, compared to its average volume of 39,781,357. The company's fifty day simple moving average is $40.36 and its two-hundred day simple moving average is $43.58. The company has a market cap of $332.91 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. 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 52 week low of $33.07 and a 52 week high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. As a group, equities analysts anticipate that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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

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.