DiNuzzo Private Wealth Inc. Invests $105,000 in Bank of America Co. (NYSE:BAC)

DiNuzzo Private Wealth Inc. purchased a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,107 shares of the financial services provider’s stock, valued at approximately $105,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Northern Trust Corp grew its holdings in shares of Bank of America by 2.1% in the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after acquiring an additional 1,397,469 shares in the last quarter. Barclays PLC increased its position in shares of Bank of America by 97.3% during the 3rd quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after purchasing an additional 20,362,295 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Bank of America by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares during the period. California Public Employees Retirement System boosted its holdings in shares of Bank of America by 5.9% in the 4th quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after buying an additional 1,250,096 shares during the last quarter. Finally, Pzena Investment Management LLC grew its position in Bank of America by 28.7% during the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock valued at $531,997,000 after buying an additional 4,335,882 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. UBS Group reiterated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research report on Tuesday, January 16th. Finally, Jefferies Financial Group boosted their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $38.59.

Bank of America Price Performance

BAC stock traded up $0.09 during midday trading on Wednesday, reaching $37.10. The company had a trading volume of 15,388,532 shares, compared to its average volume of 40,811,734. The firm has a 50-day moving average price of $36.26 and a 200-day moving average price of $32.95. The company has a market capitalization of $292.74 billion, a P/E ratio of 12.78, a P/E/G ratio of 1.68 and a beta of 1.39. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. 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 earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping 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 company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, research analysts anticipate that Bank of America Co. will post 3.19 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a $0.24 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. Bank of America’s payout ratio is 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.