Fountainhead AM LLC Purchases Shares of 6,449 Bank of America Co. (NYSE:BAC)

Fountainhead AM LLC purchased a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 6,449 shares of the financial services provider’s stock, valued at approximately $217,000.

A number of other large investors have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new stake in Bank of America in the third quarter valued at $25,000. Glass Jacobson Investment Advisors llc lifted its stake in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares during the last quarter. Criterion Capital Advisors LLC acquired a new stake in Bank of America in the fourth quarter valued at $32,000. ZRC Wealth Management LLC lifted its stake in 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 during the last quarter. Finally, Private Ocean LLC lifted its stake in Bank of America by 34.0% in the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BAC shares. Oppenheimer cut their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a research note 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 target price for the company in a research note on Friday. Citigroup raised their target price on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 20th. Finally, Wells Fargo & Company raised their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

BAC stock traded up $0.64 during mid-day trading on Tuesday, hitting $38.37. The stock had a trading volume of 39,159,885 shares, compared to its average volume of 41,775,906. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 52 week low of $24.96 and a 52 week high of $38.42. The firm has a market capitalization of $302.72 billion, a P/E ratio of 13.28, a P/E/G ratio of 1.66 and a beta of 1.39. The firm has a fifty day simple moving average of $35.88 and a 200 day simple moving average of $32.57.

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, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the firm earned $0.94 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, research analysts forecast that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Thursday, February 29th. 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.