Steele Capital Management Inc. Invests $727,000 in Bank of America Co. (NYSE:BAC)

Steele Capital Management Inc. purchased a new position in shares of Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 21,578 shares of the financial services provider's stock, valued at approximately $727,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Altrius Capital Management Inc boosted its position in shares of Bank of America by 1.1% in the 4th quarter. Altrius Capital Management Inc now owns 114,774 shares of the financial services provider's stock worth $3,864,000 after buying an additional 1,211 shares in the last quarter. Adell Harriman & Carpenter Inc. boosted its position in shares of Bank of America by 8.0% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 45,756 shares of the financial services provider's stock worth $1,541,000 after buying an additional 3,375 shares in the last quarter. Naviter Wealth LLC boosted its position in shares of Bank of America by 6.2% in the 4th quarter. Naviter Wealth LLC now owns 65,712 shares of the financial services provider's stock worth $2,213,000 after buying an additional 3,846 shares in the last quarter. Choreo LLC boosted its position in shares of Bank of America by 49.2% in the 4th quarter. Choreo LLC now owns 138,507 shares of the financial services provider's stock worth $4,664,000 after buying an additional 45,703 shares in the last quarter. Finally, Mitchell Mcleod Pugh & Williams Inc. boosted its position in shares of Bank of America by 0.7% in the 4th quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 52,480 shares of the financial services provider's stock worth $1,767,000 after buying an additional 368 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Trading Down 0.7 %

BAC traded down $0.27 on Monday, reaching $37.56. 26,545,185 shares of the company's stock were exchanged, compared to its average volume of 41,263,035. The company's 50 day moving average is $36.13 and its 200-day moving average is $32.80. The company has a market cap of $296.37 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 1.69 and a beta of 1.39. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter last year, the company earned $0.94 earnings per share. Bank of America's revenue for the quarter was down 1.7% on a year-over-year basis. Equities analysts predict that Bank of America Co. will post 3.19 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America's dividend payout ratio (DPR) is 33.22%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BAC. BMO Capital Markets upped their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a "market perform" rating in a report on Thursday, April 18th. Barclays upped their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, January 2nd. UBS Group restated a "neutral" rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Jefferies Financial Group increased their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a "hold" rating in a report on Monday, April 8th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a "market perform" rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $38.53.

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.

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