Main Street Research LLC Makes New $223,000 Investment in Bank of America Co. (NYSE:BAC)

Main Street Research LLC acquired a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, HoldingsChannel reports. The fund acquired 6,629 shares of the financial services provider’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the third quarter valued at $25,000. Castleview Partners LLC acquired a new position in shares of Bank of America during the first quarter valued at $28,000. Glass Jacobson Investment Advisors llc lifted its stake in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the period. ZRC Wealth Management LLC lifted its stake in Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the period. Finally, Live Oak Investment Partners acquired a new position in Bank of America in the fourth quarter valued at about $39,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BAC shares. Oppenheimer cut their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. Keefe, Bruyette & Woods increased their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. HSBC restated a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. UBS Group restated a “neutral” rating and issued a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Finally, Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $38.29.

Bank of America Stock Down 4.1 %

NYSE BAC traded down $1.47 during trading hours on Tuesday, hitting $34.48. 64,447,110 shares of the company traded hands, compared to its average volume of 40,760,801. The business’s 50-day moving average is $35.48 and its 200-day moving average is $32.14. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $272.07 billion, a price-to-earnings ratio of 11.31, a P/E/G ratio of 1.63 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. During the same period in the prior year, the firm posted $0.85 earnings per share. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. Sell-side analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.78%. Bank of America’s payout ratio 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.