35,905 Shares in Bank of America Co. (NYSE:BAC) Purchased by US Asset Management LLC

US Asset Management LLC acquired a new stake in shares of Bank of America Co. (NYSE:BAC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 35,905 shares of the financial services provider’s stock, valued at approximately $1,209,000. Bank of America makes up 1.2% of US Asset Management LLC’s investment portfolio, making the stock its 16th biggest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kanawha Capital Management LLC boosted its holdings in shares of Bank of America by 3.0% during the 3rd quarter. Kanawha Capital Management LLC now owns 17,116 shares of the financial services provider’s stock valued at $469,000 after acquiring an additional 500 shares during the last quarter. NBT Bank N A NY boosted its holdings in shares of Bank of America by 78.8% in the third quarter. NBT Bank N A NY now owns 48,562 shares of the financial services provider’s stock worth $1,330,000 after buying an additional 21,403 shares during the last quarter. Graypoint LLC boosted its holdings in shares of Bank of America by 1.8% in the third quarter. Graypoint LLC now owns 70,989 shares of the financial services provider’s stock worth $1,944,000 after buying an additional 1,252 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its holdings in shares of Bank of America by 11.1% in the third quarter. Punch & Associates Investment Management Inc. now owns 11,766 shares of the financial services provider’s stock worth $322,000 after buying an additional 1,171 shares during the last quarter. Finally, Gratus Capital LLC boosted its holdings in shares of Bank of America by 20.5% in the third quarter. Gratus Capital LLC now owns 16,702 shares of the financial services provider’s stock worth $457,000 after buying an additional 2,846 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

Bank of America stock traded up $0.17 during mid-day trading on Friday, hitting $38.45. The company had a trading volume of 13,990,065 shares, compared to its average volume of 40,061,832. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.78. The company has a market capitalization of $300.69 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 1.66 and a beta of 1.37. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. The company’s fifty day moving average is $36.76 and its 200-day moving average is $33.38.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 EPS. Equities research analysts predict that Bank of America Co. will post 3.21 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is presently 33.22%.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research reports. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a report on Tuesday, January 16th. UBS Group reaffirmed a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a report on Thursday, April 4th. Morgan Stanley raised shares of 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 report on Tuesday, January 30th. Wolfe Research upgraded shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Friday, April 19th. Finally, HSBC reiterated a “hold” rating and set a $39.00 price objective (up previously from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $38.70.

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.