GAMMA Investing LLC Invests $1.83 Million in Bank of America Co. (NYSE:BAC)

GAMMA Investing LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 53,767 shares of the financial services provider’s stock, valued at approximately $1,829,000.

A number of other large investors also recently modified their holdings of the stock. Fortis Group Advisors LLC bought a new stake in shares of Bank of America during the third quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc raised its stake in shares of Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the last quarter. Criterion Capital Advisors LLC bought a new stake in shares of Bank of America during the fourth quarter worth approximately $32,000. ZRC Wealth Management LLC raised its stake in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC raised its stake in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after buying an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on BAC shares. Evercore ISI upped 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 note on Thursday, April 4th. Oppenheimer lowered their price objective on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Barclays increased their price objective on shares of Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. UBS Group reissued a “neutral” rating and set a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research report on Thursday, April 4th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $38.53.

Bank of America Stock Up 1.7 %

BAC traded up $0.64 during trading hours on Tuesday, hitting $38.37. 39,159,885 shares of the company’s stock were exchanged, compared to its average volume of 41,775,906. The stock has a market cap of $302.72 billion, a price-to-earnings ratio of 13.27, 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. The stock’s 50-day moving average is $35.77 and its two-hundred day moving average is $32.48. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $38.42.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.94 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.17 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Thursday, February 29th. Bank of America’s dividend payout ratio is currently 33.22%.

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.