7,721 Shares in Bank of America Co. (NYSE:BAC) Acquired by Novem Group

Novem Group purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,721 shares of the financial services provider’s stock, valued at approximately $339,000.

Several other institutional investors have also made changes to their positions in BAC. Lederer & Associates Investment Counsel CA increased its stake in shares of Bank of America by 1.1% in the fourth quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after acquiring an additional 217 shares during the last quarter. Avalon Trust Co lifted its holdings in shares of Bank of America by 14.6% during the 4th quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after buying an additional 219 shares during the last quarter. Prossimo Advisors LLC lifted its holdings in shares of Bank of America by 2.5% during the 4th quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after buying an additional 220 shares during the last quarter. Marino Stram & Associates LLC lifted its holdings in shares of Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after buying an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management lifted its holdings in shares of Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock valued at $364,000 after buying an additional 223 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Price Performance

NYSE:BAC opened at $43.27 on Friday. The stock has a market cap of $325.90 billion, a P/E ratio of 13.44, a PEG ratio of 1.21 and a beta of 1.27. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a fifty day moving average price of $40.31 and a 200 day moving average price of $43.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Analysts anticipate that Bank of America Co. will post 3.7 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 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analyst Upgrades and Downgrades

BAC has been the subject of several research reports. Cowen assumed coverage on Bank of America in a report on Wednesday, May 14th. They set a “buy” rating for the company. Royal Bank of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 16th. Cfra Research increased their price target on shares of Bank of America to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, April 16th. Baird R W raised Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Finally, UBS Group boosted their price target on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.50.

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.