DDD Partners LLC Invests $263,000 in Bank of America Co. (NYSE:BAC)

DDD Partners LLC bought a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 7,808 shares of the financial services provider’s stock, valued at approximately $263,000.

Other institutional investors have also recently made changes to their positions in the company. Columbia Trust Co 01012016 raised its stake in shares of Bank of America by 18.0% in the fourth quarter. Columbia Trust Co 01012016 now owns 70,339 shares of the financial services provider’s stock worth $2,368,000 after purchasing an additional 10,745 shares during the last quarter. Family Legacy Inc. boosted its holdings in shares of Bank of America by 1.0% in the fourth quarter. Family Legacy Inc. now owns 55,844 shares of the financial services provider’s stock worth $1,880,000 after acquiring an additional 543 shares during the period. Patriot Investment Management Group Inc. bought a new position in shares of Bank of America in the fourth quarter worth $220,000. Gemmer Asset Management LLC boosted its stake in Bank of America by 9.6% during the fourth quarter. Gemmer Asset Management LLC now owns 14,063 shares of the financial services provider’s stock valued at $474,000 after buying an additional 1,226 shares during the period. Finally, Viking Fund Management LLC boosted its stake in Bank of America by 15.0% during the fourth quarter. Viking Fund Management LLC now owns 230,000 shares of the financial services provider’s stock valued at $7,744,000 after buying an additional 30,000 shares during the period. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE:BAC opened at $37.83 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.15. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $37.85. The business has a fifty day simple moving average of $34.35 and a 200 day simple moving average of $31.26. The firm has a market cap of $298.50 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.70 and a beta of 1.38.

Bank of America (NYSE:BAC) last posted its earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion for the quarter, compared to analyst estimates of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business’s revenue was down 10.2% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. As a group, sell-side analysts predict that Bank of America Co. will post 3.11 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. The Goldman Sachs Group lifted their price objective on Bank of America from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, December 1st. Barclays boosted their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. BMO Capital Markets decreased their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. Oppenheimer dropped their target price on shares of Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. Finally, Citigroup upped their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.65.

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.