Gould Asset Management LLC CA Takes $237,000 Position in Bank of America Co. (NYSE:BAC)

Gould Asset Management LLC CA acquired a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 7,043 shares of the financial services provider’s stock, valued at approximately $237,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAC. Schechter Investment Advisors LLC increased its holdings in Bank of America by 8.2% in the third quarter. Schechter Investment Advisors LLC now owns 55,348 shares of the financial services provider’s stock valued at $1,515,000 after buying an additional 4,187 shares in the last quarter. Stonebridge Capital Advisors LLC increased its holdings in Bank of America by 3.7% in the third quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock valued at $1,793,000 after buying an additional 2,332 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in Bank of America by 228.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock valued at $2,273,000 after buying an additional 46,950 shares in the last quarter. Sarasin & Partners LLP purchased a new position in Bank of America in the fourth quarter valued at $673,000. Finally, Pinnacle Associates Ltd. increased its holdings in Bank of America by 30.0% in the third quarter. Pinnacle Associates Ltd. now owns 978,784 shares of the financial services provider’s stock valued at $26,799,000 after buying an additional 225,767 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on BAC shares. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. UBS Group reissued a “neutral” rating and set a $40.00 target price (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research note on Friday, April 5th. Finally, Wolfe Research raised 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, April 19th. 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 company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America Price Performance

BAC traded down $0.09 on Friday, reaching $37.82. 28,659,995 shares of the company’s stock were exchanged, compared to its average volume of 41,444,340. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market cap of $298.42 billion, a PE ratio of 13.15, a P/E/G ratio of 1.72 and a beta of 1.39. The stock’s fifty day moving average price is $36.06 and its 200-day moving average price is $32.64. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $38.49.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 EPS. Sell-side analysts expect that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.54%. Bank of America’s payout ratio is 33.22%.

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.