Norden Group LLC Grows Stake in Bank of America Co. (NYSE:BAC)

Norden Group LLC raised its stake in Bank of America Co. (NYSE:BAC) by 21.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,940 shares of the financial services provider’s stock after purchasing an additional 7,243 shares during the quarter. Norden Group LLC’s holdings in Bank of America were worth $1,378,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BAC. Regent Peak Wealth Advisors LLC boosted its holdings in Bank of America by 3.2% in the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares in the last quarter. Kennedy Investment Group boosted its holdings in Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after acquiring an additional 321 shares during the period. Private Ocean LLC boosted its holdings in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the period. Selective Wealth Management Inc. boosted its holdings in Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after acquiring an additional 334 shares during the period. Finally, Legacy Capital Wealth Partners LLC boosted its holdings in Bank of America by 4.0% during the fourth quarter. Legacy Capital Wealth Partners LLC now owns 8,770 shares of the financial services provider’s stock valued at $295,000 after acquiring an additional 338 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.33 during mid-day trading on Tuesday, hitting $37.22. 15,854,309 shares of the stock were exchanged, compared to its average volume of 40,930,852. The company has a market cap of $293.69 billion, a P/E ratio of 12.90, a PEG ratio of 1.69 and a beta of 1.39. The stock’s fifty day simple moving average is $36.20 and its two-hundred day simple moving average is $32.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate 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 net margin of 13.94% and a return on equity of 10.88%. The company’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.94 earnings per share. As a group, analysts forecast that Bank of America Co. will post 3.19 EPS for the current fiscal year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio is currently 33.22%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. UBS Group restated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Odeon Capital Group cut 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 note on Tuesday, January 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Jefferies Financial Group increased their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Finally, Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Bank of America presently has an average rating of “Hold” and a consensus target price of $38.59.

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.