Socorro Asset Management LP Purchases 2,990 Shares of Bank of America Co. (NYSE:BAC)

Socorro Asset Management LP increased its position in shares of Bank of America Co. (NYSE:BAC) by 1.2% during the fourth quarter, Holdings Channel reports. The fund owned 253,809 shares of the financial services provider’s stock after acquiring an additional 2,990 shares during the quarter. Bank of America makes up approximately 3.8% of Socorro Asset Management LP’s investment portfolio, making the stock its 10th biggest position. Socorro Asset Management LP’s holdings in Bank of America were worth $8,546,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Ethos Financial Group LLC boosted its position in Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 492 shares during the last quarter. Auxano Advisors LLC raised its stake in Bank of America by 234.5% during the fourth quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after purchasing an additional 19,179 shares during the period. Stonebridge Capital Advisors LLC raised its stake in Bank of America by 3.7% during the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC raised its stake in Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares during the period. Finally, DiNuzzo Private Wealth Inc. purchased a new position in Bank of America during the fourth quarter worth approximately $105,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 0.8 %

BAC stock traded up $0.32 during mid-day trading on Friday, hitting $39.78. 25,928,688 shares of the company were exchanged, compared to its average volume of 31,708,964. The company has a market capitalization of $311.09 billion, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.76 and a beta of 1.36. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.19. The firm has a fifty day simple moving average of $38.03 and a 200 day simple moving average of $35.13.

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, topping the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion during 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%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $0.94 EPS. On average, research analysts forecast that Bank of America Co. will post 3.23 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Wells Fargo & Company increased their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. UBS Group reissued a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC reissued a “hold” rating and issued a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, BMO Capital Markets raised their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus target price of $39.26.

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.