Ring Mountain Capital LLC Invests $340,000 in Bank of America Co. (NYSE:BAC)

Ring Mountain Capital LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,726 shares of the financial services provider’s stock, valued at approximately $340,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BAC. Commerzbank Aktiengesellschaft FI raised its holdings in shares of Bank of America by 19.6% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 82,847 shares of the financial services provider’s stock valued at $3,641,000 after buying an additional 13,601 shares during the period. Charles Schwab Investment Management Inc. grew its position in Bank of America by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 42,929,896 shares of the financial services provider’s stock valued at $1,886,769,000 after acquiring an additional 297,858 shares in the last quarter. Bedel Financial Consulting Inc. raised its stake in shares of Bank of America by 4.7% during the fourth quarter. Bedel Financial Consulting Inc. now owns 13,458 shares of the financial services provider’s stock valued at $634,000 after purchasing an additional 600 shares during the period. Global Strategic Investment Solutions LLC acquired a new position in shares of Bank of America during the fourth quarter worth $209,000. Finally, Wernau Asset Management Inc. purchased a new position in shares of Bank of America in the fourth quarter valued at $4,330,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Bank of America Trading Down 1.3 %

NYSE BAC opened at $45.51 on Tuesday. Bank of America Co. has a one year low of $34.15 and a one year high of $48.08. The company has a 50-day simple moving average of $45.81 and a 200-day simple moving average of $43.67. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $346.09 billion, a PE ratio of 14.13, a price-to-earnings-growth ratio of 1.21 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.12 billion. During the same period in the previous year, the business posted $0.70 EPS. The company’s quarterly revenue was up 15.0% on a year-over-year basis. On average, equities analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend is Friday, March 7th. Bank of America’s payout ratio is 32.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Morgan Stanley boosted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. Evercore ISI reduced their price target on Bank of America from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Barclays raised their price target 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. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average 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.