Alhambra Investment Management LLC Invests $205,000 in Bank of America Co. (NYSE:BAC)

Alhambra Investment Management LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,087 shares of the financial services provider’s stock, valued at approximately $205,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Fort Sheridan Advisors LLC increased its stake in Bank of America by 0.8% in the fourth quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after purchasing an additional 303 shares during the last quarter. Selective Wealth Management Inc. grew its position 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 valued at $586,000 after acquiring an additional 334 shares during the period. Fort Point Capital Partners LLC grew its position in Bank of America by 2.2% during the first quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after acquiring an additional 336 shares during the period. Sweet Financial Partners LLC grew its position in Bank of America by 1.8% during the fourth quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock valued at $658,000 after acquiring an additional 344 shares during the period. Finally, SRS Capital Advisors Inc. boosted its position in shares of Bank of America by 3.5% in the first quarter. SRS Capital Advisors Inc. now owns 10,765 shares of the financial services provider’s stock worth $308,000 after buying an additional 366 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BAC shares. BMO Capital Markets decreased their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research report on Tuesday, January 16th. Barclays increased their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Oppenheimer reduced their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. The Goldman Sachs Group increased their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Finally, Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.65.

Bank of America Stock Up 0.7 %

Shares of Bank of America stock opened at $37.11 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. The business’s 50 day simple moving average is $34.25 and its 200-day simple moving average is $31.20. The stock has a market capitalization of $292.82 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.69 and a beta of 1.38. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $37.61.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business had revenue of $22 billion during the quarter, compared to analyst estimates of $23.70 billion. During the same period in the prior year, the company posted $0.85 EPS. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. Equities research analysts forecast that Bank of America Co. will post 3.12 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is 31.27%.

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.