Los Angeles Capital Management LLC Has $40.72 Million Position in Bank of America Co. (NYSE:BAC)

Los Angeles Capital Management LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 67.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,209,476 shares of the financial services provider’s stock after buying an additional 485,508 shares during the period. Los Angeles Capital Management LLC’s holdings in Bank of America were worth $40,723,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Fortis Group Advisors LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc lifted its holdings in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares in the last quarter. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America in the fourth quarter valued at about $32,000. ZRC Wealth Management LLC grew its stake in shares of 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 in the last quarter. Finally, Private Ocean LLC increased its position in Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the period. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on BAC shares. Jefferies Financial Group increased their target price on Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research note on Wednesday. Wells Fargo & Company upped their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, BMO Capital Markets boosted their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $38.70.

Bank of America Trading Up 1.0 %

Shares of NYSE BAC traded up $0.37 during midday trading on Friday, reaching $37.25. The stock had a trading volume of 33,943,030 shares, compared to its average volume of 40,872,895. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company’s 50 day moving average price is $36.39 and its 200 day moving average price is $33.01. The firm has a market cap of $291.31 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 1.66 and a beta of 1.37.

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 analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.94 earnings per share. As a group, sell-side analysts expect that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 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.