DDD Partners LLC Buys New Shares in Bank of America Co. (NYSE:BAC)

DDD Partners LLC bought a new stake in Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,808 shares of the financial services provider’s stock, valued at approximately $263,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fort Sheridan Advisors LLC boosted its position in Bank of America by 0.8% during the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock valued at $1,309,000 after acquiring an additional 303 shares in the last quarter. Selective Wealth Management Inc. lifted its holdings in shares of Bank of America by 2.0% during the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares during the last quarter. Fort Point Capital Partners LLC lifted its holdings in shares of Bank of America by 2.2% during the 1st quarter. Fort Point Capital Partners LLC now owns 15,918 shares of the financial services provider’s stock valued at $656,000 after purchasing an additional 336 shares during the last quarter. Sweet Financial Partners LLC raised its stake in Bank of America by 1.8% in the 4th quarter. Sweet Financial Partners LLC now owns 19,529 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 344 shares during the last quarter. Finally, SRS Capital Advisors Inc. raised its stake in Bank of America by 3.5% in the 1st quarter. SRS Capital Advisors Inc. now owns 10,765 shares of the financial services provider’s stock worth $308,000 after acquiring an additional 366 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Up 2.0 %

Shares of BAC opened at $37.83 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15. The firm has a market cap of $298.50 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.70 and a beta of 1.38. The company’s fifty day moving average is $34.35 and its two-hundred day moving average is $31.26. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $37.85.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The firm had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. During the same quarter in the previous year, the business posted $0.85 EPS. The firm’s revenue was down 10.2% compared to the same quarter last year. Analysts forecast that Bank of America Co. will post 3.11 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s payout ratio is currently 31.27%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. The Goldman Sachs Group lifted their price objective on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, December 1st. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. BMO Capital Markets decreased their price objective on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. Citigroup upped their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Finally, Oppenheimer dropped their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average target price of $35.65.

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.