Bank of America Co. (NYSE:BAC) Shares Purchased by Beckerman Institutional LLC

Beckerman Institutional LLC boosted its position in Bank of America Co. (NYSE:BAC) by 50.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,456 shares of the financial services provider’s stock after acquiring an additional 3,830 shares during the quarter. Beckerman Institutional LLC’s holdings in Bank of America were worth $503,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Hemington Wealth Management raised its holdings in Bank of America by 5.5% in the fourth quarter. Hemington Wealth Management now owns 11,685 shares of the financial services provider’s stock valued at $513,000 after acquiring an additional 611 shares in the last quarter. Park Capital Management LLC WI acquired a new stake in Bank of America in the fourth quarter valued at approximately $502,000. Consolidated Planning Corp raised its holdings in Bank of America by 2.9% in the fourth quarter. Consolidated Planning Corp now owns 8,092 shares of the financial services provider’s stock valued at $356,000 after acquiring an additional 226 shares in the last quarter. Raab & Moskowitz Asset Management LLC raised its holdings in Bank of America by 11.1% in the fourth quarter. Raab & Moskowitz Asset Management LLC now owns 86,700 shares of the financial services provider’s stock valued at $3,810,000 after acquiring an additional 8,633 shares in the last quarter. Finally, MFG Wealth Management Inc. acquired a new stake in Bank of America in the fourth quarter valued at approximately $1,741,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

BAC has been the topic of several analyst reports. Phillip Securities raised shares of Bank of America from a “neutral” rating to an “accumulate” rating and set a $44.00 target price on the stock in a report on Friday, October 18th. Wells Fargo & Company raised their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of America has a consensus rating of “Moderate Buy” and a consensus price target of $48.58.

Bank of America Trading Down 1.2 %

NYSE:BAC opened at $46.21 on Thursday. The company has a market capitalization of $354.56 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.33. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $32.35 and a 52-week high of $48.08. The stock has a fifty day simple moving average of $45.77 and a 200-day simple moving average of $43.00.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. The business had revenue of $25.30 billion during the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 EPS. On average, equities research analysts expect that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

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.