Kaufman Rossin Wealth LLC Buys Shares of 4,665 Bank of America Co. (NYSE:BAC)

Kaufman Rossin Wealth LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 4,665 shares of the financial services provider’s stock, valued at approximately $205,000.

Other hedge funds also recently modified their holdings of the company. Foster & Motley Inc. boosted its position in Bank of America by 29.5% during the 4th quarter. Foster & Motley Inc. now owns 19,855 shares of the financial services provider’s stock worth $873,000 after buying an additional 4,520 shares during the period. Plimoth Trust Co. LLC lifted its holdings in shares of Bank of America by 0.3% during the fourth quarter. Plimoth Trust Co. LLC now owns 87,515 shares of the financial services provider’s stock worth $3,846,000 after purchasing an additional 285 shares during the period. Swedbank AB grew its stake in shares of Bank of America by 81.4% in the fourth quarter. Swedbank AB now owns 12,776,184 shares of the financial services provider’s stock worth $561,513,000 after purchasing an additional 5,733,810 shares during the last quarter. Allen Capital Group LLC increased its holdings in Bank of America by 5.3% in the fourth quarter. Allen Capital Group LLC now owns 33,856 shares of the financial services provider’s stock valued at $1,488,000 after purchasing an additional 1,715 shares during the period. Finally, Strategic Blueprint LLC raised its position in Bank of America by 5.5% during the 4th quarter. Strategic Blueprint LLC now owns 24,830 shares of the financial services provider’s stock worth $1,091,000 after purchasing an additional 1,293 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BAC shares. Hsbc Global Res raised Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and increased their target price for the company from $43.00 to $53.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company increased their price objective on shares of Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Bank of America in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Stock Down 0.2 %

Bank of America stock opened at $46.74 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The firm’s fifty day moving average price is $45.83 and its two-hundred day moving average price is $42.70. The firm has a market capitalization of $358.59 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33. Bank of America Co. has a 1-year low of $32.35 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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 return on equity of 10.29% and a net margin of 14.10%. The firm had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the company posted $0.70 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts predict that Bank of America Co. will post 3.67 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.23%. Bank of America’s dividend payout ratio is 32.30%.

Bank of America Company 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.