Bank of America Co. (NYSE:BAC) Position Boosted by Cambridge Trust Co.

Cambridge Trust Co. increased its holdings in Bank of America Co. (NYSE:BAC) by 5.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 710,027 shares of the financial services provider’s stock after buying an additional 35,789 shares during the quarter. Cambridge Trust Co.’s holdings in Bank of America were worth $23,907,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Fortis Group Advisors LLC bought a new position in Bank of America in the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc grew its holdings in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares in the last quarter. Castleview Partners LLC acquired a new stake in Bank of America in the first quarter worth approximately $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in Bank of America in the first quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC lifted its position 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 worth $38,000 after purchasing an additional 750 shares during the period. 70.71% of the stock is owned by institutional investors.

Bank of America Stock Up 1.6 %

Shares of BAC traded up $0.56 during mid-day trading on Thursday, reaching $35.79. The company’s stock had a trading volume of 25,654,306 shares, compared to its average volume of 41,327,895. The business has a fifty day moving average of $35.55 and a 200 day moving average of $32.21. The company has a market cap of $282.41 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.35. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. As a group, analysts forecast that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend was Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analysts Forecast Growth

BAC has been the subject of a number of research analyst reports. Evercore ISI upped their target price on Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. BMO Capital Markets upped their target price on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday. Keefe, Bruyette & Woods upped their target price on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $38.29.

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.