Tarbox Family Office Inc. Invests $214,000 in Bank of America Co. (NYSE:BAC)

Tarbox Family Office Inc. purchased a new stake in Bank of America Co. (NYSE:BAC) in the first quarter, HoldingsChannel reports. The fund purchased 5,635 shares of the financial services provider’s stock, valued at approximately $214,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Rossmore Private Capital grew its position in Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after buying an additional 303 shares during the period. Chemistry Wealth Management LLC increased its stake in Bank of America by 0.3% in the 1st quarter. Chemistry Wealth Management LLC now owns 109,541 shares of the financial services provider’s stock valued at $4,154,000 after purchasing an additional 310 shares in the last quarter. Regent Peak Wealth Advisors LLC raised its holdings in Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares during the last quarter. Kennedy Investment Group boosted its position 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 in the last quarter. Finally, Private Ocean LLC grew its holdings in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Up 1.0 %

Bank of America stock traded up $0.40 during trading on Friday, reaching $39.65. 14,497,780 shares of the company’s stock were exchanged, compared to its average volume of 38,664,379. The company’s 50-day moving average is $38.78 and its two-hundred day moving average is $35.97. 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 Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The firm has a market cap of $310.08 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.49 and a beta of 1.36.

Bank of America (NYSE:BAC) last issued its earnings results 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 the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. On average, analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.42%. Bank of America’s payout ratio is currently 33.22%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BAC. 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 report on Friday, April 19th. JPMorgan Chase & Co. upped their target price on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a report on Wednesday, May 1st. UBS Group reissued a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. StockNews.com lowered Bank of America from a “hold” rating to a “sell” rating in a research note on Monday, May 20th. Finally, Evercore ISI lifted their price objective on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of America currently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America 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.