Naples Money Management LLC Acquires Shares of 2,617 Bank of America Co. (NYSE:BAC)

Naples Money Management LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,617 shares of the financial services provider’s stock, valued at approximately $88,000.

Several other institutional investors have also added to or reduced their stakes in the company. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the third quarter worth $25,000. Glass Jacobson Investment Advisors llc grew its stake in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the last quarter. Castleview Partners LLC bought a new stake in shares of Bank of America during the first quarter worth $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of America during the first quarter worth $34,000. Finally, ZRC Wealth Management LLC grew its stake in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Up 3.4 %

BAC stock traded up $1.20 during midday trading on Friday, hitting $36.97. The stock had a trading volume of 56,242,939 shares, compared to its average volume of 41,782,625. The business has a fifty day moving average price of $35.61 and a two-hundred day moving average price of $32.24. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. The firm has a market cap of $291.72 billion, a P/E ratio of 12.81, a price-to-earnings-growth ratio of 1.59 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.80 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 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 firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Bank of America Co. will post 3.16 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Evercore ISI boosted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Friday. Finally, Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has a consensus rating of “Hold” and an average price target of $38.53.

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.