2,250 Shares in Bank of America Co. (NYSE:BAC) Purchased by Advantage Trust Co

Advantage Trust Co bought a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,250 shares of the financial services provider’s stock, valued at approximately $76,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BAC. Heritage Investors Management Corp raised its position in shares of Bank of America by 0.6% during the fourth quarter. Heritage Investors Management Corp now owns 772,224 shares of the financial services provider’s stock valued at $26,001,000 after buying an additional 4,291 shares during the last quarter. Neumann Capital Management LLC raised its holdings in Bank of America by 0.4% in the 4th quarter. Neumann Capital Management LLC now owns 108,453 shares of the financial services provider’s stock valued at $3,652,000 after acquiring an additional 400 shares in the last quarter. Hills Bank & Trust Co lifted its position in shares of Bank of America by 5.4% in the 4th quarter. Hills Bank & Trust Co now owns 7,158 shares of the financial services provider’s stock worth $241,000 after acquiring an additional 366 shares during the period. US Asset Management LLC acquired a new stake in shares of Bank of America during the 4th quarter worth approximately $1,209,000. Finally, Breed s Hill Capital LLC bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $206,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the subject of several research reports. Jefferies Financial Group raised their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Oppenheimer lifted their target price on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Wells Fargo & Company raised their price target on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, JPMorgan Chase & Co. upped their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $38.70.

Bank of America Price Performance

NYSE BAC traded up $0.58 on Thursday, hitting $38.29. 26,851,139 shares of the company were exchanged, compared to its average volume of 40,358,504. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.49. The firm has a 50 day moving average of $36.68 and a two-hundred day moving average of $33.34. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company has a market cap of $299.44 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period in the prior year, the business earned $0.94 earnings per share. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. On average, equities analysts predict that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America’s payout ratio is currently 33.22%.

Bank of America Company 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.