Baxter Bros Inc. Grows Position in Bank of America Co. (NYSE:BAC)

Baxter Bros Inc. boosted its holdings in Bank of America Co. (NYSE:BAC) by 0.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,994 shares of the financial services provider’s stock after buying an additional 557 shares during the quarter. Baxter Bros Inc.’s holdings in Bank of America were worth $3,737,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fortis Group Advisors LLC purchased a new stake in Bank of America in the third quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc grew its holdings in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 504 shares during the period. Criterion Capital Advisors LLC purchased a new stake in Bank of America during the fourth quarter valued at $32,000. ZRC Wealth Management LLC lifted its holdings in Bank of America by 192.3% in the fourth 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 during the period. Finally, Private Ocean LLC boosted its position in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Odeon Capital Group downgraded Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research report on Tuesday, January 16th. Citigroup upped their price target on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, HSBC reissued 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $38.70.

Bank of America Trading Up 1.0 %

BAC traded up $0.37 during trading on Friday, reaching $37.25. The company had a trading volume of 34,082,662 shares, compared to its average volume of 41,339,492. 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 52 week low of $24.96 and a 52 week high of $38.49. The stock has a market cap of $291.31 billion, a P/E ratio of 12.89, a PEG ratio of 1.66 and a beta of 1.37. The business has a 50 day simple moving average of $36.46 and a 200-day simple moving average of $33.08.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the firm posted $0.94 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

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

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.