Corundum Group Inc. Acquires 11,390 Shares of Bank of America Co. (NYSE:BAC)

Corundum Group Inc. raised its position in Bank of America Co. (NYSE:BAC - Free Report) by 47.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,595 shares of the financial services provider's stock after purchasing an additional 11,390 shares during the quarter. Corundum Group Inc.'s holdings in Bank of America were worth $1,564,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Kennebec Savings Bank acquired a new stake in Bank of America in the 3rd quarter valued at $29,000. Highline Wealth Partners LLC raised 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 worth $37,000 after acquiring an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in Bank of America in the 4th quarter valued at about $42,000. Christopher J. Hasenberg Inc boosted its stake in Bank of America by 525.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 1,014 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 852 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Bank of America in the third quarter worth approximately $45,000. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Trading Down 0.2 %

BAC stock traded down $0.10 during midday trading on Monday, hitting $46.54. The company had a trading volume of 44,307,437 shares, compared to its average volume of 26,125,426. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.09. Bank of America Co. has a 52 week low of $31.40 and a 52 week high of $48.08. The stock has a market cap of $357.13 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.23 and a beta of 1.33. The stock's 50 day moving average price is $45.79 and its 200 day moving average price is $42.44.

Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.05. The company had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. Bank of America's revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. As a group, equities research analysts expect that Bank of America Co. will post 3.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wells Fargo & Company increased their price target on Bank of America from $52.00 to $56.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. StockNews.com raised shares of Bank of America from a "sell" rating to a "hold" rating in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods upped 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. Citigroup raised shares of Bank of America from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $46.00 to $54.00 in a research report on Friday, November 8th. Finally, Oppenheimer increased their price target on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Bank of America has a consensus rating of "Moderate Buy" and an average price target of $48.58.

Bank of America Company 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.