May Hill Capital LLC Takes $344,000 Position in Bank of America Co. (NYSE:BAC)

May Hill Capital LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,834 shares of the financial services provider’s stock, valued at approximately $344,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Collier Financial bought a new stake in Bank of America during the 4th quarter valued at approximately $25,000. Life Planning Partners Inc lifted its position in shares of Bank of America by 3,883.2% during the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock worth $25,000 after buying an additional 545,936 shares during the period. Graney & King LLC acquired a new stake in shares of Bank of America in the 4th quarter valued at $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $29,000. Finally, Highline Wealth Partners LLC increased its stake in shares of Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Bank of America stock opened at $41.80 on Tuesday. The firm’s fifty day moving average is $44.35 and its 200 day moving average is $43.95. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 52-week low of $34.15 and a 52-week high of $48.08. The company has a market cap of $317.80 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company posted $0.70 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Sell-side analysts forecast that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.49%. The ex-dividend date was Friday, March 7th. Bank of America’s dividend payout ratio is currently 32.30%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. Oppenheimer boosted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Morgan Stanley raised their price target on Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Baird R W upgraded shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.45.

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.