Bank of America Co. (NYSE:BAC) Shares Purchased by Brookstone Capital Management

Brookstone Capital Management boosted its position in Bank of America Co. (NYSE:BAC) by 9.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 175,876 shares of the financial services provider’s stock after purchasing an additional 14,627 shares during the quarter. Brookstone Capital Management’s holdings in Bank of America were worth $6,669,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new position in shares of Bank of America in the third quarter worth about $25,000. Livelsberger Financial Advisory purchased a new position in Bank of America in the 4th quarter worth approximately $28,000. Criterion Capital Advisors LLC acquired a new position in shares of Bank of America during the 4th quarter worth approximately $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Bank of America during the 1st quarter worth approximately $33,000. Finally, Mark Sheptoff Financial Planning LLC grew its position in shares of Bank of America by 431.0% in 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 purchasing an additional 862 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Bank of America Stock Down 1.0 %

Shares of NYSE:BAC opened at $39.00 on Thursday. The firm’s 50-day moving average is $38.71 and its two-hundred day moving average is $35.95. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $40.34. The firm has a market capitalization of $304.99 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. Analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced 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 is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.46%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

BAC has been the topic of a number of analyst reports. Jefferies Financial Group lifted their price objective on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Wells Fargo & Company lifted their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Oppenheimer upped their price objective on shares of Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. BMO Capital Markets lifted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, April 18th. Finally, HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $39.79.

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.