Telemus Capital LLC Purchases 6,523 Shares of Bank of America Co. (NYSE:BAC)

Telemus Capital LLC grew its position in shares of Bank of America Co. (NYSE:BAC) by 53.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 18,748 shares of the financial services provider’s stock after buying an additional 6,523 shares during the quarter. Telemus Capital LLC’s holdings in Bank of America were worth $631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Schechter Investment Advisors LLC grew its holdings in shares of Bank of America by 8.2% during the 3rd quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock worth $1,515,000 after purchasing an additional 4,187 shares in the last quarter. Eastern Bank grew its holdings in shares of Bank of America by 354.5% during the 3rd quarter. Eastern Bank now owns 119,713 shares of the financial services provider’s stock worth $3,278,000 after purchasing an additional 93,375 shares in the last quarter. Stonebridge Capital Advisors LLC grew its holdings in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in shares of Bank of America by 228.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new stake in shares of Bank of America during the 4th quarter worth $673,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Citigroup raised their price objective on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. Oppenheimer reduced their price objective on Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. UBS Group reaffirmed a “neutral” rating and issued a $40.00 price objective (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Jefferies Financial Group lifted their price target on Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Bank of America has an average rating of “Hold” and an average price target of $38.53.

Bank of America Trading Up 2.1 %

Shares of BAC stock opened at $37.75 on Tuesday. The company has a market cap of $297.87 billion, a P/E ratio of 13.06, a PEG ratio of 1.66 and a beta of 1.39. The stock has a 50 day simple moving average of $35.77 and a two-hundred day simple moving average of $32.48. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a fifty-two week low of $24.96 and a fifty-two week high of $38.35.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. Research analysts forecast that Bank of America Co. will post 3.17 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

About Bank of America

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.