DDD Partners LLC bought a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 7,808 shares of the financial services provider’s stock, valued at approximately $263,000.
Other institutional investors have also recently made changes to their positions in the company. Columbia Trust Co 01012016 raised its stake in shares of Bank of America by 18.0% in the fourth quarter. Columbia Trust Co 01012016 now owns 70,339 shares of the financial services provider’s stock worth $2,368,000 after purchasing an additional 10,745 shares during the last quarter. Family Legacy Inc. boosted its holdings in shares of Bank of America by 1.0% in the fourth quarter. Family Legacy Inc. now owns 55,844 shares of the financial services provider’s stock worth $1,880,000 after acquiring an additional 543 shares during the period. Patriot Investment Management Group Inc. bought a new position in shares of Bank of America in the fourth quarter worth $220,000. Gemmer Asset Management LLC boosted its stake in Bank of America by 9.6% during the fourth quarter. Gemmer Asset Management LLC now owns 14,063 shares of the financial services provider’s stock valued at $474,000 after buying an additional 1,226 shares during the period. Finally, Viking Fund Management LLC boosted its stake in Bank of America by 15.0% during the fourth quarter. Viking Fund Management LLC now owns 230,000 shares of the financial services provider’s stock valued at $7,744,000 after buying an additional 30,000 shares during the period. Institutional investors own 70.71% of the company’s stock.
Bank of America Price Performance
Shares of NYSE:BAC opened at $37.83 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.85. The business has a fifty day simple moving average of $34.35 and a 200 day simple moving average of $31.26. The firm has a market cap of $298.50 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.70 and a beta of 1.38.
Bank of America Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.
Analysts Set New Price Targets
Several research analysts have recently commented on the company. The Goldman Sachs Group lifted their price objective on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. BMO Capital Markets decreased their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Oppenheimer dropped their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. Finally, Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.65.
Read Our Latest Research Report on BAC
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.
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