Fountainhead AM LLC Invests $217,000 in Bank of America Co. (NYSE:BAC)

Fountainhead AM LLC purchased a new position in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,449 shares of the financial services provider’s stock, valued at approximately $217,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAC. Barclays PLC lifted its holdings in shares of Bank of America by 97.3% in the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares in the last quarter. Alphinity Investment Management Pty Ltd lifted its holdings in shares of Bank of America by 1,071.8% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after buying an additional 12,880,492 shares in the last quarter. Darsana Capital Partners LP purchased a new stake in shares of Bank of America in the third quarter worth about $177,970,000. Canada Pension Plan Investment Board lifted its holdings in shares of Bank of America by 143.5% in the third quarter. Canada Pension Plan Investment Board now owns 10,659,309 shares of the financial services provider’s stock worth $291,852,000 after buying an additional 6,281,690 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Bank of America in the third quarter worth approximately $168,610,000. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 1.7 %

Shares of Bank of America stock traded up $0.64 on Tuesday, hitting $38.37. The stock had a trading volume of 39,159,885 shares, compared to its average volume of 41,775,906. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a one year low of $24.96 and a one year high of $38.42. The stock has a market cap of $302.72 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.66 and a beta of 1.39. The stock’s 50-day simple moving average is $35.88 and its two-hundred day simple moving average is $32.57.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter last year, the business earned $0.94 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.50%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is 33.22%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Odeon Capital Group cut shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. Keefe, Bruyette & Woods upped their price objective on shares of 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. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.53.

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.