6,905 Shares in Bank of America Co. (NYSE:BAC) Purchased by Putney Financial Group LLC

Putney Financial Group LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,905 shares of the financial services provider's stock, valued at approximately $303,000.

Several other hedge funds also recently made changes to their positions in BAC. Norges Bank purchased a new position in shares of Bank of America during the fourth quarter worth about $5,226,989,000. Capital World Investors grew its holdings in shares of Bank of America by 23.9% during the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider's stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider's stock worth $5,381,126,000 after purchasing an additional 11,691,451 shares during the last quarter. Amundi grew its holdings in shares of Bank of America by 37.1% during the fourth quarter. Amundi now owns 37,819,980 shares of the financial services provider's stock worth $1,747,658,000 after purchasing an additional 10,231,001 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Bank of America by 17.2% during the fourth quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider's stock worth $2,985,785,000 after buying an additional 9,980,859 shares during the period. Hedge funds and other institutional investors own 70.71% of the company's stock.

Bank of America Trading Up 2.3%

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 has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $332.91 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.21 and a beta of 1.27. The company's fifty day simple moving average is $40.36 and its 200 day simple moving average is $43.58. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Equities research analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

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

Analysts Set New Price Targets

Several research firms have issued reports on BAC. TD Cowen began coverage on Bank of America in a research report on Thursday, May 15th. They set a "buy" rating and a $53.00 target price on the stock. Keefe, Bruyette & Woods dropped their target price on 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. Wall Street Zen cut Bank of America from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Cfra Research upped their price target on Bank of America to $47.00 and gave the stock a "buy" rating in a report on Wednesday, April 16th. Finally, Evercore ISI lowered their price target on Bank of America from $51.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

Bank of America 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.