Collar Capital Management LLC Makes New $222,000 Investment in Bank of America Co. (NYSE:BAC)

Collar Capital Management LLC purchased a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 5,044 shares of the financial services provider’s stock, valued at approximately $222,000.

Several other hedge funds also recently modified their holdings of BAC. Principal Financial Group Inc. raised its stake in Bank of America by 3.8% during the 3rd quarter. Principal Financial Group Inc. now owns 15,415,630 shares of the financial services provider’s stock worth $611,692,000 after buying an additional 569,385 shares during the period. Nordea Investment Management AB raised its position in shares of Bank of America by 7.6% during the fourth quarter. Nordea Investment Management AB now owns 1,539,680 shares of the financial services provider’s stock worth $67,623,000 after purchasing an additional 109,386 shares during the period. Insight Wealth Strategies LLC grew its position in Bank of America by 4.6% in the 4th quarter. Insight Wealth Strategies LLC now owns 8,151 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 359 shares during the period. Diversified Trust Co grew its position in Bank of America by 29.7% in the 4th quarter. Diversified Trust Co now owns 210,281 shares of the financial services provider’s stock valued at $9,242,000 after purchasing an additional 48,209 shares during the period. Finally, Regent Peak Wealth Advisors LLC increased its stake in Bank of America by 10.3% during the 4th quarter. Regent Peak Wealth Advisors LLC now owns 11,971 shares of the financial services provider’s stock valued at $526,000 after purchasing an additional 1,116 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BAC shares. Morgan Stanley lifted their price objective on shares of Bank of America from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Friday, January 17th. Evercore ISI dropped their target price on Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. JPMorgan Chase & Co. decreased their price target on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. UBS Group lifted their price objective on shares of Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and increased their target price for the company from $45.00 to $50.00 in a report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.25.

Bank of America Price Performance

BAC opened at $40.86 on Wednesday. The firm has a 50-day moving average price of $39.89 and a 200-day moving average price of $43.50. Bank of America Co. has a twelve month low of $33.07 and a twelve month high of $48.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $310.62 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 1.21 and a beta of 1.27.

Bank of America (NYSE:BAC) last issued its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The business had revenue of $27.37 billion for the quarter, compared to analysts’ expectations of $26.83 billion. Equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a yield of 2.55%. Bank of America’s dividend payout ratio is currently 30.95%.

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.