Bank of America Co. (NYSE:BAC) Shares Purchased by Foster Group Inc.

Foster Group Inc. lifted its holdings in Bank of America Co. (NYSE:BAC) by 19.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,977 shares of the financial services provider’s stock after purchasing an additional 1,457 shares during the quarter. Foster Group Inc.’s holdings in Bank of America were worth $340,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in BAC. Rossmore Private Capital increased its position in shares of Bank of America by 1.2% during the fourth quarter. Rossmore Private Capital now owns 26,537 shares of the financial services provider’s stock worth $894,000 after acquiring an additional 303 shares during the period. Regent Peak Wealth Advisors LLC increased its position in shares of Bank of America by 3.2% during the fourth quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 314 shares during the period. Kennedy Investment Group increased its position in shares of Bank of America by 0.6% during the fourth quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after acquiring an additional 321 shares during the period. Private Ocean LLC increased its position in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the period. Finally, Selective Wealth Management Inc. increased its position in shares of Bank of America by 2.0% during the fourth quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after acquiring an additional 334 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BAC. Keefe, Bruyette & Woods upgraded shares of Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $37.00 to $46.00 in a research note on Friday, June 14th. HSBC reiterated a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Erste Group Bank upgraded shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Finally, UBS Group restated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $39.79.

Bank of America Trading Up 0.0 %

Shares of Bank of America stock opened at $40.00 on Friday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $40.31. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The stock has a market cap of $312.81 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The company has a 50-day moving average of $38.46 and a two-hundred day moving average of $35.69.

Bank of America (NYSE:BAC) last issued its 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. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $0.94 earnings per share. On average, research analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.40%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

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.