6,150 Shares in Bank of America Co. (NYSE:BAC) Bought by Fortress Financial Group LLC

Fortress Financial Group LLC bought a new stake in Bank of America Co. (NYSE:BAC) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 6,150 shares of the financial services provider’s stock, valued at approximately $270,000.

Other institutional investors also recently made changes to their positions in the company. Collier Financial purchased a new stake in Bank of America during the fourth quarter worth about $25,000. Kennebec Savings Bank purchased a new stake in Bank of America during the third quarter worth $29,000. Highline Wealth Partners LLC grew its holdings in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 510 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Bank of America in the 4th quarter valued at about $42,000. Finally, POM Investment Strategies LLC increased its holdings in Bank of America by 1,306.5% during the 4th quarter. POM Investment Strategies LLC now owns 1,083 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 1,006 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on BAC shares. Keefe, Bruyette & Woods increased their target price on Bank of America from $50.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Evercore ISI decreased their target price on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. Barclays lifted their price target on Bank of America from $53.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 6th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company raised their price objective on Bank of America from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Bank of America Price Performance

BAC opened at $44.17 on Friday. Bank of America Co. has a twelve month low of $34.03 and a twelve month high of $48.08. 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 firm has a market cap of $338.87 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.21 and a beta of 1.33. The company has a fifty day simple moving average of $45.74 and a 200 day simple moving average of $43.50.

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

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.35%. Bank of America’s dividend payout ratio is presently 32.30%.

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.