Van Cleef Asset Management Inc Boosts Position in Bank of America Co. (NYSE:BAC)

Van Cleef Asset Management Inc lifted its stake in shares of Bank of America Co. (NYSE:BAC) by 32.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,096 shares of the financial services provider’s stock after acquiring an additional 6,875 shares during the period. Van Cleef Asset Management Inc’s holdings in Bank of America were worth $946,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortis Group Advisors LLC acquired a new stake in shares of Bank of America during the 3rd quarter worth about $25,000. Glass Jacobson Investment Advisors llc grew its position in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 504 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in Bank of America in the 4th quarter valued at about $32,000. ZRC Wealth Management LLC grew its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC grew its position in 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 valued at $43,000 after acquiring an additional 325 shares in the last quarter. 70.71% of the stock is owned by institutional investors and hedge funds.

Bank of America Stock Performance

NYSE BAC traded down $0.41 on Thursday, reaching $37.91. The stock had a trading volume of 40,957,844 shares, compared to its average volume of 41,603,840. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49. The business’s 50-day moving average price is $35.98 and its 200 day moving average price is $32.61. The stock has a market cap of $299.13 billion, a P/E ratio of 13.04, a price-to-earnings-growth ratio of 1.73 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, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities analysts expect that Bank of America Co. will post 3.18 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.53%. Bank of America’s dividend payout ratio is currently 33.22%.

Analysts Set New Price Targets

BAC has been the subject of several research reports. Keefe, Bruyette & Woods lifted their target price on Bank of America from $33.00 to $37.00 and gave the company a “market perform” rating in a research report on Friday, April 5th. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research note on Friday, April 19th. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a research note on Tuesday, January 16th. Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, UBS Group reiterated a “neutral” rating and issued a $40.00 price objective (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price 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.