Opinicus Capital Inc. Takes Position in Bank of America Co. (NYSE:BAC)

Opinicus Capital Inc. acquired a new position in Bank of America Co. (NYSE:BAC) in the fourth quarter, Holdings Channel reports. The fund acquired 20,784 shares of the financial services provider’s stock, valued at approximately $700,000.

A number of other large investors also recently bought and sold shares of BAC. Regent Peak Wealth Advisors LLC raised its holdings in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 314 shares in the last quarter. Kennedy Investment Group raised its holdings in shares of Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock valued at $1,953,000 after purchasing an additional 321 shares in the last quarter. Private Ocean LLC raised its holdings in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 325 shares in the last quarter. Selective Wealth Management Inc. raised its holdings in shares of Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock valued at $586,000 after purchasing an additional 334 shares in the last quarter. Finally, Morton Capital Management LLC CA raised its holdings in shares of Bank of America by 3.3% in the 4th quarter. Morton Capital Management LLC CA now owns 10,628 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 341 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of NYSE:BAC traded down $0.08 during midday trading on Friday, hitting $37.83. The stock had a trading volume of 28,668,680 shares, compared to its average volume of 40,953,860. The company has a market capitalization of $298.50 billion, a PE ratio of 13.09, a P/E/G ratio of 1.70 and a beta of 1.39. The stock has a 50 day moving average price of $36.13 and a two-hundred day moving average price of $32.72. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. As a group, equities analysts predict that Bank of America Co. will post 3.19 earnings per share 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 28th. Investors of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. UBS Group reaffirmed a “neutral” rating and issued a $40.00 target price (up from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. HSBC reaffirmed a “hold” rating and issued a $39.00 target price (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Jefferies Financial Group increased their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Evercore ISI increased their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, BMO Capital Markets increased their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $38.53.

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.