Independent Family Office LLC Purchases New Holdings in Bank of America Co. (NYSE:BAC)

Independent Family Office LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,219 shares of the financial services provider’s stock, valued at approximately $243,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in Bank of America in the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc lifted its position in shares of Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of Bank of America during the 1st quarter worth $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Bank of America during the 1st quarter worth $34,000. Finally, ZRC Wealth Management LLC lifted its position in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the subject of a number of research reports. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. UBS Group reissued a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Citigroup boosted their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Barclays boosted their price target on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average target price of $38.29.

Bank of America Stock Performance

Shares of Bank of America stock traded down $1.22 on Tuesday, reaching $34.73. 55,159,423 shares of the stock were exchanged, compared to its average volume of 40,639,109. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. 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 has a fifty day moving average price of $35.48 and a two-hundred day moving average price of $32.14. The firm has a market capitalization of $274.04 billion, a PE ratio of 11.31, a PEG ratio of 1.63 and a beta of 1.39.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.85 earnings per share. As a group, research analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 31.27%.

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.