Bank of America Co. (NYSE:BAC) Shares Bought by PFG Investments LLC

PFG Investments LLC raised its position in Bank of America Co. (NYSE:BAC) by 0.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,999 shares of the financial services provider’s stock after purchasing an additional 415 shares during the quarter. PFG Investments LLC’s holdings in Bank of America were worth $1,515,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Buckingham Strategic Partners increased its stake in shares of Bank of America by 23.7% in the second quarter. Buckingham Strategic Partners now owns 54,963 shares of the financial services provider’s stock valued at $1,577,000 after purchasing an additional 10,535 shares during the period. Goodman Advisory Group LLC boosted its holdings in Bank of America by 104,312.4% during the second quarter. Goodman Advisory Group LLC now owns 194,207 shares of the financial services provider’s stock worth $5,572,000 after buying an additional 194,021 shares in the last quarter. Schechter Investment Advisors LLC boosted its holdings in Bank of America by 8.2% during the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after buying an additional 4,187 shares in the last quarter. Eastern Bank boosted its holdings in Bank of America by 354.5% during the third quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after buying an additional 93,375 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC lifted its position in Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after buying an additional 2,332 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

BAC has been the subject of a number of research analyst reports. Odeon Capital Group downgraded shares of 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. Barclays increased their target price on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Oppenheimer cut their price target on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Tuesday, March 19th. Finally, Citigroup raised their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. One equities research 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 data from MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus price target of $35.65.

Insider Buying and Selling at Bank of America

In other news, major shareholder Of America Corp /De/ Bank purchased 5,398 shares of Bank of America stock in a transaction on Wednesday, December 27th. The shares were purchased at an average cost of $10.56 per share, for a total transaction of $57,002.88. Following the completion of the transaction, the insider now directly owns 5,398 shares in the company, valued at $57,002.88. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.29% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded up $0.25 on Tuesday, hitting $37.11. 33,662,004 shares of the company were exchanged, compared to its average volume of 41,197,430. The company’s 50 day moving average price is $34.25 and its two-hundred day moving average price is $31.20. Bank of America Co. has a one year low of $24.96 and a one year high of $37.61. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a market capitalization of $292.82 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.69 and a beta of 1.38.

Bank of America (NYSE:BAC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $22 billion for the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Research analysts expect that Bank of America Co. will post 3.12 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be given a $0.24 dividend. The ex-dividend date of this dividend is Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

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.