Cambridge Financial Group Inc. Purchases Shares of 201,851 Bank of America Co. (NYSE:BAC)

Cambridge Financial Group Inc. bought a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 201,851 shares of the financial services provider's stock, valued at approximately $8,871,000. Bank of America comprises approximately 3.7% of Cambridge Financial Group Inc.'s portfolio, making the stock its 8th largest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Collier Financial acquired a new position in shares of Bank of America during the 4th quarter worth about $25,000. Life Planning Partners Inc grew its holdings in Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 545,936 shares during the period. Graney & King LLC bought a new stake in Bank of America in the fourth quarter valued at approximately $25,000. Fairway Wealth LLC bought a new position in shares of Bank of America during the fourth quarter worth $29,000. Finally, Highline Wealth Partners LLC grew its holdings in shares of Bank of America by 152.7% in the 4th quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock valued at $37,000 after buying an additional 510 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Citigroup dropped their target price on shares of Bank of America from $54.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Barclays boosted their price objective on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Hsbc Global Res upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bank of America presently has an average rating of "Moderate Buy" and an average price target of $48.31.

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Bank of America Trading Down 0.6 %

NYSE:BAC traded down $0.24 during mid-day trading on Tuesday, hitting $41.49. 11,113,232 shares of the company's stock were exchanged, compared to its average volume of 37,153,903. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a fifty-two week low of $34.15 and a fifty-two week high of $48.08. The company has a 50 day simple moving average of $44.35 and a 200-day simple moving average of $43.95. The firm has a market capitalization of $315.46 billion, a P/E ratio of 12.89, a PEG ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to analysts' expectations of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Bank of America's revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. As a group, research analysts expect that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 7th were given a $0.26 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.51%. Bank of America's dividend payout ratio (DPR) is currently 32.30%.

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.