Fourth Dimension Wealth LLC Purchases 2,659 Shares of Bank of America Corporation (NYSE:BAC)

Fourth Dimension Wealth LLC increased its position in Bank of America Corporation (NYSE:BAC) by 556.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,137 shares of the financial services provider’s stock after purchasing an additional 2,659 shares during the quarter. Fourth Dimension Wealth LLC’s holdings in Bank of America were worth $131,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Graney & King LLC acquired a new position in Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $29,000. Vega Investment Solutions acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Up 1.8%

BAC opened at $46.32 on Tuesday. Bank of America Corporation has a 1-year low of $33.07 and a 1-year high of $48.08. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The company has a market cap of $348.88 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.23 and a beta of 1.30. The company has a fifty day moving average price of $42.55 and a two-hundred day moving average price of $43.28.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The firm had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business 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 $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

Analyst Ratings Changes

BAC has been the topic of several analyst reports. The Goldman Sachs Group increased their price target on shares of Bank of America from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. JPMorgan Chase & Co. lowered their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Finally, Keefe, Bruyette & Woods cut their target price on shares of 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.40.

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.