Independent Family Office LLC Buys Shares of 7,219 Bank of America Co. (NYSE:BAC)

Independent Family Office LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The fund bought 7,219 shares of the financial services provider’s stock, valued at approximately $243,000.

A number of other hedge funds have also added to or reduced their stakes in BAC. Moneta Group Investment Advisors LLC boosted its position in shares of Bank of America by 108,111.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 193,168,025 shares of the financial services provider’s stock valued at $6,397,725,000 after acquiring an additional 192,989,515 shares during the last quarter. Norges Bank bought a new stake in shares of Bank of America during the 4th quarter valued at about $3,436,543,000. Barclays PLC lifted its position in Bank of America by 97.3% in the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock worth $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. Snider Financial Group lifted its position in Bank of America by 9,477.3% in the 1st quarter. Snider Financial Group now owns 14,448,357 shares of the financial services provider’s stock worth $5,956,000 after buying an additional 14,297,496 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd lifted its position in Bank of America by 1,071.8% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 14,082,264 shares of the financial services provider’s stock worth $474,150,000 after buying an additional 12,880,492 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BAC shares. Oppenheimer reduced their target price on Bank of America from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 19th. BMO Capital Markets reduced their target price on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 16th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. HSBC reaffirmed a “hold” rating and issued a $39.00 price target (up from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $38.29.

Bank of America Stock Down 3.4 %

Bank of America stock traded down $1.22 during mid-day trading on Tuesday, hitting $34.73. The company had a trading volume of 55,159,423 shares, compared to its average volume of 40,639,109. The company has a market capitalization of $274.04 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.39. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35. The stock’s 50 day moving average price is $35.48 and its two-hundred day moving average price is $32.14.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The company’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 earnings per share. As a group, sell-side analysts anticipate that Bank of America Co. will post 3.13 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is currently 31.27%.

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.