Investment Partners LTD. Takes Position in Bank of America Co. (NYSE:BAC)

Investment Partners LTD. purchased a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,658 shares of the financial services provider’s stock, valued at approximately $224,000.

Several other hedge funds have also made changes to their positions in the stock. Regent Peak Wealth Advisors LLC lifted its stake in shares of Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after buying an additional 314 shares during the period. Kennedy Investment Group lifted its stake in Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares during the period. Private Ocean LLC lifted its stake in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the period. Selective Wealth Management Inc. lifted its stake in Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares during the period. Finally, Morton Capital Management LLC CA lifted its stake in Bank of America by 3.3% during the fourth quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 341 shares during the period. Institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BAC. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Wolfe Research upgraded shares of 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. Evercore ISI lifted their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Oppenheimer cut their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Finally, Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.53.

Bank of America Trading Down 0.2 %

BAC traded down $0.08 during trading on Friday, reaching $37.83. 28,668,680 shares of the company’s stock were exchanged, compared to its average volume of 40,953,860. The firm has a market capitalization of $298.50 billion, a PE ratio of 13.09, a P/E/G ratio of 1.70 and a beta of 1.39. The company’s fifty day moving average price is $36.13 and its 200-day moving average price is $32.72. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week 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) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue for the quarter 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, equities analysts forecast that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

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