Naples Money Management LLC Invests $88,000 in Bank of America Co. (NYSE:BAC)

Naples Money Management LLC purchased 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 and Exchange Commission (SEC). The fund purchased 2,617 shares of the financial services provider’s stock, valued at approximately $88,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BAC. Fort Sheridan Advisors LLC raised its holdings in shares of Bank of America by 0.8% in the 4th quarter. Fort Sheridan Advisors LLC now owns 39,526 shares of the financial services provider’s stock worth $1,309,000 after purchasing an additional 303 shares in the last quarter. Regent Peak Wealth Advisors LLC raised its holdings in shares of Bank of America by 3.2% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 9,976 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 314 shares in the last quarter. Kennedy Investment Group raised its holdings in shares of Bank of America by 0.6% in the 4th quarter. Kennedy Investment Group now owns 58,007 shares of the financial services provider’s stock worth $1,953,000 after purchasing an additional 321 shares in the last quarter. Private Ocean LLC raised its holdings in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 325 shares in the last quarter. Finally, Selective Wealth Management Inc. raised its holdings in shares of Bank of America by 2.0% in the 4th quarter. Selective Wealth Management Inc. now owns 17,351 shares of the financial services provider’s stock worth $586,000 after purchasing an additional 334 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Bank of America Stock Up 3.4 %

BAC stock traded up $1.20 during trading hours on Friday, hitting $36.97. The company’s stock had a trading volume of 56,242,939 shares, compared to its average volume of 41,782,625. The stock has a 50 day moving average price of $35.61 and a two-hundred day moving average price of $32.24. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.35. The company has a market capitalization of $291.72 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.59 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The business had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same period in the previous year, the company earned $0.94 earnings per share. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts expect that Bank of America Co. will post 3.16 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Thursday, February 29th. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BAC. Wells Fargo & Company boosted their price target on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. HSBC reaffirmed a “hold” rating and set a $39.00 price objective (up from $38.00) on shares of Bank of America in a research report on Thursday, March 28th. Evercore ISI boosted their price objective on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Morgan Stanley raised shares of Bank of America from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $32.00 to $41.00 in a research report on Tuesday, January 30th. Finally, Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $38.53.

Bank of America 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.