Frisch Financial Group Inc. Makes New $378,000 Investment in Bank of America Co. (NYSE:BAC)

Frisch Financial Group Inc. acquired a new stake in Bank of America Co. (NYSE:BAC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,821 shares of the financial services provider’s stock, valued at approximately $378,000.

Several other institutional investors have also modified their holdings of BAC. Roundview Capital LLC raised its position in shares of Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock worth $5,596,000 after purchasing an additional 2,013 shares during the period. Loomis Sayles & Co. L P raised its position in shares of Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,192 shares during the period. NewEdge Advisors LLC raised its position in shares of Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock worth $16,698,000 after purchasing an additional 16,319 shares during the period. First Western Trust Bank acquired a new stake in shares of Bank of America during the first quarter worth $586,000. Finally, Pearl River Capital LLC acquired a new stake in shares of Bank of America during the first quarter worth $534,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Bank of America Stock Up 0.1 %

Shares of BAC traded up $0.05 during trading hours on Wednesday, hitting $34.33. 39,541,238 shares of the company were exchanged, compared to its average volume of 40,965,422. The company has a market cap of $270.23 billion, a PE ratio of 11.18, a PEG ratio of 1.53 and a beta of 1.39. The firm’s 50 day moving average is $33.41 and its 200-day moving average is $30.29. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $35.10. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.80 and a current ratio of 0.80.

Bank of America (NYSE:BACGet Free Report) last released its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The company had revenue of $22 billion during the quarter, compared to the consensus estimate of $23.70 billion. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The firm’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.85 EPS. On average, equities research analysts forecast that Bank of America Co. will post 3.14 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.80%. Bank of America’s payout ratio is 31.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BAC shares. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $32.00 to $41.00 in a research report on Tuesday, January 30th. Odeon Capital Group lowered Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target on the stock. in a research report on Tuesday, January 16th. The Goldman Sachs Group upped their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, December 1st. Barclays upped their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Oppenheimer upped their price target on Bank of America from $49.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.53.

Read Our Latest Analysis on BAC

Insider Activity at Bank of America

In other Bank of America news, major shareholder Of America Corp /De/ Bank bought 5,398 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The stock was purchased at an average price of $10.56 per share, for a total transaction of $57,002.88. Following the purchase, the insider now directly owns 5,398 shares in the company, valued at $57,002.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by corporate insiders.

About Bank of America

(Free Report)

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.

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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