193,290 Shares in Bank of America Co. (NYSE:BAC) Bought by Castleark Management LLC

Castleark Management LLC acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 193,290 shares of the financial services provider’s stock, valued at approximately $8,495,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Graney & King LLC acquired a new position in shares of Bank of America during the 4th quarter worth approximately $25,000. Collier Financial bought a new position in Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the fourth quarter valued at $29,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America in the fourth quarter valued at $31,000. Finally, Spurstone Advisory Services LLC bought a new position in shares of Bank of America in the fourth quarter valued at about $34,000. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

Shares of Bank of America stock opened at $44.62 on Wednesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market cap of $336.07 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.21 and a beta of 1.27. The company has a 50 day moving average of $40.23 and a 200-day moving average of $43.59. Bank of America Co. has a 1-year low of $33.07 and a 1-year high of $48.08.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, equities research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. Bank of America’s dividend payout ratio is currently 30.95%.

Analyst Ratings Changes

A number of research analysts recently commented on BAC shares. Oppenheimer upped their price target on shares of Bank of America from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They set a “buy” rating and a $53.00 price objective for the company. Phillip Securities raised Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, April 17th. Cfra Research lifted their price target on Bank of America to $47.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Finally, Royal Bank of Canada reduced their price target on Bank of America from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

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.