Napatree Capital LLC Makes New Investment in Bank of America Corporation (NYSE:BAC)

Napatree Capital LLC acquired a new position in shares of Bank of America Corporation (NYSE:BAC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 6,405 shares of the financial services provider's stock, valued at approximately $267,000.

Several other institutional investors have also modified their holdings of BAC. Graney & King LLC purchased a new position in Bank of America during the 4th quarter worth $25,000. Vega Investment Solutions purchased a new position in Bank of America during the 4th quarter worth $30,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in Bank of America during the 4th quarter worth $31,000. Spurstone Advisory Services LLC purchased a new position in Bank of America during the 4th quarter worth $34,000. Finally, Glass Jacobson Investment Advisors llc grew its position in Bank of America by 53.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Stock Up 2.2%

Shares of NYSE BAC traded up $1.01 during trading on Thursday, reaching $47.04. 56,462,887 shares of the stock were exchanged, compared to its average volume of 40,516,454. The business's 50-day moving average price is $45.32 and its 200 day moving average price is $43.60. Bank of America Corporation has a twelve month low of $33.07 and a twelve month high of $49.31. The company has a quick ratio of 0.78, a current ratio of 0.80 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $354.33 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.03. The business had revenue of ($22,273.00) million for the quarter, compared to analysts' expectations of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.83 earnings per share. As a group, equities analysts forecast that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 6th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.21%. Bank of America's dividend payout ratio (DPR) is 30.95%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Baird R W cut shares of Bank of America from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 27th. Barclays reduced their price objective on shares of Bank of America from $58.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Cowen initiated coverage on shares of Bank of America in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Wall Street Zen cut shares of Bank of America from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Bank of America from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and an average target price of $49.55.

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.