Norden Group LLC Increases Stock Position in Bank of America Co. (NYSE:BAC)

Norden Group LLC increased its holdings in Bank of America Co. (NYSE:BAC) by 21.5% in the 4th quarter, Holdings Channel reports. The fund owned 40,940 shares of the financial services provider’s stock after buying an additional 7,243 shares during the quarter. Norden Group LLC’s holdings in Bank of America were worth $1,378,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Fortis Group Advisors LLC purchased a new position in Bank of America in the third quarter worth about $25,000. Glass Jacobson Investment Advisors llc increased its position in shares of Bank of America by 98.1% during 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 acquiring an additional 504 shares in the last quarter. Criterion Capital Advisors LLC purchased a new position in Bank of America in the 4th quarter worth approximately $32,000. ZRC Wealth Management LLC lifted its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC boosted its stake in Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Bank of America stock traded down $0.33 during midday trading on Tuesday, reaching $37.22. 15,854,309 shares of the stock traded hands, compared to its average volume of 40,930,852. The stock has a market cap of $293.69 billion, a P/E ratio of 12.90, a PEG ratio of 1.69 and a beta of 1.39. The stock’s fifty day moving average is $36.20 and its 200-day moving average is $32.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. Bank of America’s revenue was down 1.7% on a year-over-year basis. As a group, equities research analysts anticipate that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.58%. Bank of America’s dividend payout ratio is presently 33.22%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Evercore ISI increased their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Citigroup boosted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Finally, Barclays raised their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $38.59.

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.