Scarborough Advisors LLC Takes Position in Bank of America Co. (NYSE:BAC)

Scarborough Advisors LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,937 shares of the financial services provider’s stock, valued at approximately $65,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Fortis Group Advisors LLC bought a new position in shares of Bank of America during the third quarter valued at about $25,000. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the fourth quarter valued at approximately $32,000. Mark Sheptoff Financial Planning LLC increased its position in shares of Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 862 shares during the last quarter. ZRC Wealth Management LLC lifted its holdings in Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the period. Finally, Private Ocean LLC grew its stake in Bank of America by 34.0% in 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 period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Trading Up 0.7 %

Shares of BAC opened at $39.53 on Tuesday. The firm has a market cap of $309.14 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 1.75 and a beta of 1.36. The firm has a 50 day moving average price of $38.27 and a 200-day moving average price of $35.57. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $40.19. 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 announced its quarterly earnings data 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 return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same period last year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on BAC shares. StockNews.com lowered shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. JPMorgan Chase & Co. upped their price objective on Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $39.79.

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.