7,413 Shares in Bank of America Co. (NYSE:BAC) Acquired by Madison Park Capital Advisors LLC

Madison Park Capital Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 7,413 shares of the financial services provider’s stock, valued at approximately $250,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC acquired a new position in Bank of America in the 3rd quarter valued at $25,000. Glass Jacobson Investment Advisors llc increased its stake in shares of Bank of America by 98.1% in 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 in the 4th quarter valued at $32,000. ZRC Wealth Management LLC increased its stake in shares of Bank of America by 192.3% in 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 stake in shares of Bank of America by 34.0% in 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. 70.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BAC. Citigroup lifted their price target on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. UBS Group reiterated a “neutral” rating and issued a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reiterated a “hold” rating and issued a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Trading Up 1.7 %

Shares of NYSE BAC traded up $0.64 during trading on Tuesday, reaching $38.37. The company had a trading volume of 39,159,885 shares, compared to its average volume of 41,775,906. The company’s fifty day moving average price is $35.88 and its 200-day moving average price is $32.57. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.42. The stock has a market cap of $302.72 billion, a P/E ratio of 13.28, a PEG ratio of 1.66 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. The firm’s 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 EPS. As a group, research analysts expect that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio is 33.22%.

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.