Madison Park Capital Advisors LLC Purchases Shares of 7,413 Bank of America Co. (NYSE:BAC)

Madison Park Capital Advisors LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,413 shares of the financial services provider’s stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Northern Trust Corp grew its stake in shares of Bank of America by 2.1% during the third quarter. Northern Trust Corp now owns 67,648,727 shares of the financial services provider’s stock valued at $1,852,222,000 after buying an additional 1,397,469 shares during the last quarter. Barclays PLC grew its stake in shares of Bank of America by 97.3% during the third quarter. Barclays PLC now owns 41,290,694 shares of the financial services provider’s stock valued at $1,130,538,000 after buying an additional 20,362,295 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of America by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 40,518,019 shares of the financial services provider’s stock worth $1,109,383,000 after purchasing an additional 746,756 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of Bank of America by 5.9% in the fourth quarter. California Public Employees Retirement System now owns 22,538,500 shares of the financial services provider’s stock worth $758,871,000 after purchasing an additional 1,250,096 shares during the last quarter. Finally, Pzena Investment Management LLC grew its stake in shares of Bank of America by 28.7% in the third quarter. Pzena Investment Management LLC now owns 19,430,142 shares of the financial services provider’s stock worth $531,997,000 after purchasing an additional 4,335,882 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on BAC shares. Barclays raised their target price on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Wells Fargo & Company raised their target price on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a research note on Tuesday, January 16th. Morgan Stanley raised Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, UBS Group reaffirmed a “neutral” rating and set a $40.00 price objective (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Stock Up 1.7 %

Shares of BAC stock traded up $0.64 during trading hours on Tuesday, hitting $38.37. 39,159,885 shares of the company’s stock traded hands, compared to its average volume of 41,775,906. The stock’s fifty day simple moving average is $35.88 and its two-hundred day simple moving average is $32.57. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.42. The stock has a market cap of $302.72 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.66 and a beta of 1.39. 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 (NYSE:BAC) last released its earnings results 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 net margin of 13.94% and a return on equity of 10.88%. The firm had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. On average, analysts expect that Bank of America Co. will post 3.17 EPS for the current year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a dividend yield of 2.50%. Bank of America’s payout ratio is 33.22%.

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.