Fairman Group LLC Buys Shares of 1,535 Bank of America Co. (NYSE:BAC)

Fairman Group LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,535 shares of the financial services provider’s stock, valued at approximately $52,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fortis Group Advisors LLC bought a new stake in Bank of America during the 3rd quarter valued at $25,000. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the 4th quarter valued at $28,000. Criterion Capital Advisors LLC purchased a new position in shares of Bank of America during the 4th quarter valued at $32,000. Mark Sheptoff Financial Planning LLC grew its position in shares of Bank of America by 431.0% during the 4th 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. Finally, ZRC Wealth Management LLC grew its position in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 750 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented 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. HSBC reiterated a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. UBS Group reiterated a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America 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. Finally, Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price for the company in a research report on Friday, April 19th. Two research 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. According to data from MarketBeat, Bank of America has an average rating of “Hold” and an average price target of $39.79.

Bank of America Trading Up 0.9 %

Shares of NYSE:BAC traded up $0.37 during midday trading on Tuesday, hitting $39.88. 2,561,409 shares of the stock traded hands, compared to its average volume of 38,583,246. The stock has a market capitalization of $311.88 billion, a PE ratio of 13.68, a P/E/G ratio of 1.75 and a beta of 1.36. The business’s 50 day moving average is $38.27 and its two-hundred day moving average is $35.57. 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 one year low of $24.96 and a one year high of $40.19.

Bank of America (NYSE:BAC) last issued its quarterly earnings data 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. The firm had revenue of $25.82 billion during 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 company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 earnings per share. As a group, 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 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.