Bank of America Co. (NYSE:BAC) Shares Bought by Corundum Group Inc.

Corundum Group Inc. increased its stake in Bank of America Co. (NYSE:BAC) by 83.0% in the first quarter, HoldingsChannel.com reports. The firm owned 25,016 shares of the financial services provider’s stock after acquiring an additional 11,349 shares during the quarter. Corundum Group Inc.’s holdings in Bank of America were worth $949,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Ethos Financial Group LLC raised its holdings in Bank of America by 6.2% during the fourth quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 492 shares during the last quarter. Auxano Advisors LLC raised its holdings in Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock valued at $921,000 after acquiring an additional 19,179 shares during the last quarter. Stonebridge Capital Advisors LLC lifted its stake in shares of Bank of America by 3.7% during the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after purchasing an additional 2,332 shares during the period. Kingswood Wealth Advisors LLC boosted its holdings in shares of Bank of America by 228.3% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after purchasing an additional 46,950 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in shares of Bank of America in the fourth quarter valued at $105,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Stock Down 0.9 %

Shares of BAC traded down $0.34 during midday trading on Thursday, hitting $38.66. The company had a trading volume of 6,826,781 shares, compared to its average volume of 38,653,152. The stock has a market cap of $302.34 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.50 and a beta of 1.36. The company’s 50 day moving average price is $38.71 and its 200 day moving average price is $35.95. The company has a quick ratio of 0.79, a current 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 $40.34.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the firm posted $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities research analysts predict that Bank of America Co. will post 3.22 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a yield of 2.48%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. JPMorgan Chase & Co. increased their target price on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Oppenheimer increased their target price on shares of Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. HSBC reaffirmed a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Erste Group Bank raised shares of Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Finally, Evercore ISI lifted their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $39.79.

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.