Bryn Mawr Capital Management LLC Acquires 7,920 Shares of Bank of America Co. (NYSE:BAC)

Bryn Mawr Capital Management LLC increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 18.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,018 shares of the financial services provider’s stock after buying an additional 7,920 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in Bank of America were worth $1,751,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Fortis Group Advisors LLC bought a new position in Bank of America in the third quarter valued at about $25,000. Criterion Capital Advisors LLC bought a new position in Bank of America in the fourth quarter valued at about $32,000. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 504 shares during the last quarter. ZRC Wealth Management LLC raised 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 valued at $38,000 after purchasing an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its position in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BAC has been the subject of several research reports. Citigroup increased their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods raised their price objective 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. Oppenheimer lowered their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Wolfe Research raised Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research note on Friday, April 19th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Price Performance

NYSE BAC traded down $0.09 during trading on Friday, reaching $37.82. The company’s stock had a trading volume of 28,659,995 shares, compared to its average volume of 41,444,340. The stock has a market capitalization of $298.42 billion, a PE ratio of 13.09, a P/E/G ratio of 1.72 and a beta of 1.39. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49. The firm has a fifty day moving average of $36.13 and a 200 day moving average of $32.72. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the prior year, the business posted $0.94 EPS. Bank of America’s quarterly revenue was down 1.7% compared to the same quarter last year. Analysts expect that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.