Bank of America Co. (NYSE:BAC) Shares Bought by Cambridge Trust Co.

Cambridge Trust Co. lifted its position in Bank of America Co. (NYSE:BAC) by 5.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 710,027 shares of the financial services provider’s stock after acquiring an additional 35,789 shares during the period. Cambridge Trust Co.’s holdings in Bank of America were worth $23,907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. NBW Capital LLC boosted its stake in shares of Bank of America by 115.3% in the fourth quarter. NBW Capital LLC now owns 44,649 shares of the financial services provider’s stock worth $1,503,000 after acquiring an additional 23,907 shares during the last quarter. Smead Capital Management Inc. boosted its stake in shares of Bank of America by 16.7% in the fourth quarter. Smead Capital Management Inc. now owns 6,963,932 shares of the financial services provider’s stock worth $234,476,000 after acquiring an additional 994,072 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Bank of America by 1.2% in the fourth quarter. Federated Hermes Inc. now owns 4,640,139 shares of the financial services provider’s stock worth $156,233,000 after acquiring an additional 57,179 shares during the last quarter. HF Advisory Group LLC boosted its stake in shares of Bank of America by 33.2% in the fourth quarter. HF Advisory Group LLC now owns 12,436 shares of the financial services provider’s stock worth $419,000 after acquiring an additional 3,100 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Bank of America by 1.8% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 345,917 shares of the financial services provider’s stock worth $11,644,000 after buying an additional 5,965 shares during the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BAC. Citigroup boosted their price objective on Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. BMO Capital Markets boosted their price objective on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday. Oppenheimer lowered 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. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, UBS Group restated a “neutral” rating and issued a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, Bank of America has a consensus rating of “Hold” and a consensus target price of $38.29.

Bank of America Stock Up 1.6 %

BAC traded up $0.56 on Thursday, hitting $35.79. 25,654,306 shares of the company were exchanged, compared to its average volume of 41,327,895. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.35. The company has a market cap of $282.41 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The company has a current ratio of 0.79, a quick ratio of 0.80 and a debt-to-equity ratio of 1.12. The firm has a 50-day moving average price of $35.55 and a two-hundred day moving average price of $32.21.

Bank of America (NYSE:BAC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 EPS. On average, equities analysts predict that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.68%. Bank of America’s dividend payout ratio is currently 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.