Empirical Asset Management LLC Invests $229,000 in Bank of America Co. (NYSE:BAC)

Empirical Asset Management LLC bought a new position in shares of Bank of America Co. (NYSE:BAC) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,788 shares of the financial services provider’s stock, valued at approximately $229,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fortis Group Advisors LLC acquired a new position in Bank of America in the third quarter worth about $25,000. Castleview Partners LLC acquired a new position in Bank of America in the first quarter worth about $28,000. Glass Jacobson Investment Advisors llc grew its stake in Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares in the last quarter. Live Oak Investment Partners acquired a new position in Bank of America in the fourth quarter worth about $39,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Bank of America in the first quarter worth about $34,000. 68.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Bank of America

In other news, major shareholder Of America Corp /De/ Bank purchased 5,398 shares of the company’s stock in a transaction that occurred on Wednesday, December 27th. The shares were bought at an average cost of $10.56 per share, with a total value of $57,002.88. Following the completion of the transaction, the insider now directly owns 5,398 shares of the company’s stock, valued at $57,002.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on BAC. Citigroup lifted their target price on Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price on the stock. in a report on Tuesday, January 16th. Barclays upped their price target on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. The Goldman Sachs Group upped their price target on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Finally, BMO Capital Markets dropped their price target on Bank of America from $37.00 to $36.00 and set a “market perform” rating on the stock in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of America has an average rating of “Moderate Buy” and a consensus target price of $35.65.

Bank of America Stock Down 1.2 %

BAC stock traded down $0.46 during midday trading on Friday, hitting $37.05. The company’s stock had a trading volume of 28,952,906 shares, compared to its average volume of 41,516,949. The company’s fifty day moving average price is $34.08 and its 200 day moving average price is $31.05. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $37.61. The stock has a market capitalization of $292.35 billion, a P/E ratio of 12.07, a PEG ratio of 1.67 and a beta of 1.38. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $22 billion during the quarter, compared to analysts’ expectations of $23.70 billion. Bank of America had a net margin of 15.42% and a return on equity of 11.38%. The business’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.85 EPS. As a group, equities research analysts predict that Bank of America Co. will post 3.15 EPS for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Thursday, February 29th. Bank of America’s payout ratio is 31.27%.

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.