Brooklyn FI LLC Invests $1.08 Million in Bank of America Co. (NYSE:BAC)

Brooklyn FI LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 24,416 shares of the financial services provider’s stock, valued at approximately $1,081,000.

Several other institutional investors also recently added to or reduced their stakes in BAC. Brighton Jones LLC grew its position in Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock valued at $4,785,000 after buying an additional 25,143 shares during the period. Juncture Wealth Strategies LLC bought a new position in Bank of America during the fourth quarter valued at about $214,000. Patton Albertson Miller Group LLC grew its position in Bank of America by 1.7% during the fourth quarter. Patton Albertson Miller Group LLC now owns 151,977 shares of the financial services provider’s stock valued at $6,679,000 after buying an additional 2,548 shares during the period. Precedent Wealth Partners LLC grew its position in Bank of America by 1.2% during the fourth quarter. Precedent Wealth Partners LLC now owns 34,264 shares of the financial services provider’s stock valued at $1,506,000 after buying an additional 400 shares during the period. Finally, Duncan Williams Asset Management LLC bought a new position in Bank of America during the fourth quarter valued at about $339,000. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

BAC has been the subject of a number of research reports. Cowen initiated coverage on shares of Bank of America in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Keefe, Bruyette & Woods cut their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. Citigroup cut their target price on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, March 24th. Finally, Evercore ISI cut their target price on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Bank of America Stock Down 0.3%

Shares of NYSE BAC opened at $43.20 on Monday. Bank of America Co. has a one year low of $33.07 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50 day simple moving average is $40.34 and its two-hundred day simple moving average is $43.59. The stock has a market capitalization of $325.38 billion, a P/E ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. As a group, analysts expect that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.41%. The ex-dividend date is Friday, June 6th. Bank of America’s dividend payout ratio (DPR) is currently 30.95%.

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.