Magnolia Capital Advisors LLC Invests $324,000 in Bank of America Co. (NYSE:BAC)

Magnolia Capital Advisors LLC acquired a new stake in Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 9,312 shares of the financial services provider’s stock, valued at approximately $324,000.

Several other hedge funds have also recently bought and sold shares of BAC. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the 3rd quarter worth about $25,000. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the 4th quarter worth about $32,000. Glass Jacobson Investment Advisors llc raised its position in shares of Bank of America by 98.1% during the 3rd 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. ZRC Wealth Management LLC raised its position in shares of Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares in the last quarter. Finally, Private Ocean LLC raised its position in shares of Bank of America by 34.0% during the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Down 0.1 %

BAC traded down $0.05 on Wednesday, reaching $38.32. 28,655,567 shares of the company traded hands, compared to its average volume of 41,609,586. The stock’s 50 day moving average price is $35.98 and its 200-day moving average price is $32.61. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $38.49. The company has a market cap of $302.37 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 1.70 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last announced its quarterly earnings data 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 firm had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, sell-side analysts expect that Bank of America Co. will post 3.17 EPS for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, February 29th. 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 recent analyst reports. UBS Group restated a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Odeon Capital Group cut 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 research note on Tuesday, January 16th. Wells Fargo & Company lifted their price objective 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. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, Oppenheimer lowered their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $38.53.

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.