TT Capital Management LLC Acquires New Position in Bank of America Co. (NYSE:BAC)

TT Capital Management LLC acquired a new position in Bank of America Co. (NYSE:BAC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,202 shares of the financial services provider's stock, valued at approximately $334,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Bragg Financial Advisors Inc increased its position in shares of Bank of America by 5.8% during the fourth quarter. Bragg Financial Advisors Inc now owns 47,488 shares of the financial services provider's stock worth $2,087,000 after buying an additional 2,609 shares during the period. Seeds Investor LLC boosted its position in Bank of America by 18.9% during the fourth quarter. Seeds Investor LLC now owns 11,223 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 1,781 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new stake in Bank of America during the 4th quarter worth about $3,087,000. Townsquare Capital LLC raised its position in shares of Bank of America by 3.7% in the 4th quarter. Townsquare Capital LLC now owns 431,105 shares of the financial services provider's stock worth $18,947,000 after acquiring an additional 15,270 shares in the last quarter. Finally, Crux Wealth Advisors acquired a new position in shares of Bank of America in the 4th quarter valued at about $393,000. Institutional investors and hedge funds own 70.71% of the company's stock.

Bank of America Stock Up 3.7 %

NYSE:BAC traded up $1.36 on Tuesday, hitting $38.03. The stock had a trading volume of 84,614,170 shares, compared to its average volume of 39,392,816. Bank of America Co. has a 1 year low of $33.07 and a 1 year high of $48.08. The firm's fifty day simple moving average is $41.85 and its two-hundred day simple moving average is $43.66. The stock has a market cap of $289.16 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 1.21 and a beta of 1.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78.

Remove Ads

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, beating the consensus estimate of $0.80 by $0.10. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. Analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.73%. Bank of America's dividend payout ratio (DPR) is presently 32.30%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BAC shares. Citigroup lowered their target price on Bank of America from $54.00 to $50.00 and set a "buy" rating for the company in a report on Monday, March 24th. Oppenheimer lifted their price target on shares of Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Barclays increased their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Baird R W raised Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 7th. Finally, Morgan Stanley increased their price target on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.31.

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.