Telemus Capital LLC Increases Stock Position in Bank of America Co. (NYSE:BAC)

Telemus Capital LLC raised its holdings in Bank of America Co. (NYSE:BAC) by 53.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,748 shares of the financial services provider’s stock after purchasing an additional 6,523 shares during the period. Telemus Capital LLC’s holdings in Bank of America were worth $631,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America in the third quarter valued at about $25,000. Glass Jacobson Investment Advisors llc raised its position in shares of 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 buying an additional 504 shares during the last quarter. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America in the fourth quarter valued at approximately $32,000. ZRC Wealth Management LLC raised its position in shares of 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 buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its position in shares of 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 buying an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analyst Weigh In

BAC has been the subject of a number of analyst reports. Jefferies Financial Group boosted their price objective on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $38.53.

Bank of America Stock Up 2.1 %

Shares of NYSE:BAC opened at $37.75 on Tuesday. The stock has a market capitalization of $297.87 billion, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 1.66 and a beta of 1.39. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.35. The company’s fifty day moving average is $35.77 and its two-hundred day moving average is $32.48. 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 (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 earnings per share. Equities analysts anticipate that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a $0.24 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. Bank of America’s dividend payout ratio (DPR) is presently 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.