Field & Main Bank Buys 1,410 Shares of Bank of America Co. (NYSE:BAC)

Field & Main Bank increased its position in shares of Bank of America Co. (NYSE:BAC) by 5.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 25,400 shares of the financial services provider’s stock after purchasing an additional 1,410 shares during the period. Field & Main Bank’s holdings in Bank of America were worth $855,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new position in shares of Bank of America during the third quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc raised its holdings in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after buying an additional 504 shares during the last quarter. Criterion Capital Advisors LLC bought a new position in shares of Bank of America in the fourth quarter valued at $32,000. ZRC Wealth Management LLC grew its holdings in shares of Bank of America by 192.3% during the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the last quarter. Finally, Private Ocean LLC increased its position in shares of Bank of America by 34.0% during the fourth quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Evercore ISI raised their price target 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. Barclays lifted their target price on Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Citigroup lifted their price objective on shares of Bank of America from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average price target of $38.53.

Bank of America Stock Performance

Bank of America stock traded down $0.27 during trading on Monday, hitting $37.56. The stock had a trading volume of 26,545,185 shares, compared to its average volume of 41,263,035. The stock’s 50 day moving average is $36.20 and its two-hundred day moving average is $32.88. Bank of America Co. has a 1 year low of $24.96 and a 1 year high of $38.49. The stock has a market cap of $296.37 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.69 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS 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 firm had revenue of $25.82 billion for the quarter, compared to analysts’ expectations of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, analysts predict that Bank of America Co. will post 3.19 EPS for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. Bank of America’s payout ratio is 33.22%.

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.