2,547 Shares in Bank of America Co. (NYSE:BAC) Purchased by EdgeRock Capital LLC

EdgeRock Capital LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,547 shares of the financial services provider’s stock, valued at approximately $85,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Fortis Group Advisors LLC bought a new position in Bank of America in the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the 4th quarter valued at about $32,000. ZRC Wealth Management LLC increased its position in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC increased its position in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of BAC traded up $0.16 during trading hours on Tuesday, hitting $37.85. The stock had a trading volume of 29,110,563 shares, compared to its average volume of 40,598,000. The firm has a market capitalization of $295.96 billion, a PE ratio of 13.10, a PEG ratio of 1.66 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a fifty day moving average price of $36.61 and a 200 day moving average price of $33.31. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. Analysts anticipate that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BAC shares. JPMorgan Chase & Co. increased their target price on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Finally, Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $38.70.

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.