Freestone Grove Partners LP Invests $16.33 Million in Bank of America Co. (NYSE:BAC)

Freestone Grove Partners LP purchased a new position in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 371,562 shares of the financial services provider's stock, valued at approximately $16,330,000.

Other large investors have also modified their holdings of the company. Graney & King LLC purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $25,000. Collier Financial purchased a new stake in shares of Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC purchased a new stake in shares of Bank of America during the 4th quarter worth $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the fourth quarter worth $31,000. Finally, Glass Jacobson Investment Advisors llc lifted its holdings 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 buying 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 Price Performance

Shares of BAC traded up $0.91 during mid-day trading on Friday, reaching $41.08. 41,601,768 shares of the company's stock were exchanged, compared to its average volume of 39,277,820. Bank of America Co. has a 52-week low of $33.07 and a 52-week high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a 50-day simple moving average of $40.01 and a two-hundred day simple moving average of $43.52. The company has a market cap of $312.32 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.21 and a beta of 1.27.

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 for the quarter, topping analysts' consensus estimates 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%. On average, sell-side analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders 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 2.53%. Bank of America's dividend payout ratio is currently 30.95%.

Analyst Ratings Changes

Several brokerages recently commented on BAC. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 7th. Keefe, Bruyette & Woods cut their price target 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. Argus lowered their target price on shares of Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. Finally, UBS Group increased their target price on shares of Bank of America from $46.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.25.

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.