Tower Research Capital LLC TRC Boosts Stock Position in Bank of America Co. (NYSE:BAC)

Tower Research Capital LLC TRC raised its holdings in Bank of America Co. (NYSE:BAC - Free Report) by 114.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 457,115 shares of the financial services provider's stock after acquiring an additional 244,168 shares during the period. Tower Research Capital LLC TRC's holdings in Bank of America were worth $20,090,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BAC. Collier Financial bought a new stake in shares of Bank of America during the fourth quarter worth $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after acquiring an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in shares of Bank of America during the 4th quarter valued at about $29,000. Finally, Glass Jacobson Investment Advisors llc grew its stake in Bank of America by 53.0% during the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after purchasing an additional 276 shares during the period. Institutional investors own 70.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BAC. Argus cut their price target on Bank of America from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Oppenheimer increased their target price on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, March 24th. HSBC raised shares of Bank of America from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research report on Tuesday, January 7th. Finally, Phillip Securities upgraded Bank of America from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.43.

Bank of America Price Performance

Shares of NYSE:BAC traded up $0.49 during midday trading on Wednesday, reaching $38.81. 54,395,865 shares of the company's stock traded hands, compared to its average volume of 39,096,581. The company has a market cap of $295.06 billion, a P/E ratio of 12.05, a PEG ratio of 1.21 and a beta of 1.24. The company has a fifty day simple moving average of $40.93 and a two-hundred day simple moving average of $43.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Equities analysts predict that Bank of America Co. will post 3.7 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.68%. Bank of America's dividend payout ratio is currently 30.95%.

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.