Hurley Capital LLC Makes New Investment in Bank of America Co. (NYSE:BAC)

Hurley Capital LLC bought a new stake in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,602 shares of the financial services provider’s stock, valued at approximately $73,000.

Several other institutional investors also recently bought and sold shares of the business. Lederer & Associates Investment Counsel CA increased its position in shares of Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider’s stock worth $879,000 after purchasing an additional 217 shares during the last quarter. Avalon Trust Co boosted its holdings in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock valued at $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC increased its stake in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 220 shares during the period. Marino Stram & Associates LLC raised its stake in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider’s stock valued at $580,000 after acquiring an additional 222 shares during the last quarter. Finally, Keudell Morrison Wealth Management lifted its stake in shares of Bank of America by 2.8% in the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider’s stock worth $364,000 after acquiring an additional 223 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on BAC. Morgan Stanley lifted their price objective on Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, January 17th. JPMorgan Chase & Co. lowered their target price on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday. HSBC raised shares of Bank of America from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. UBS Group raised shares of Bank of America from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. Finally, Citigroup reduced their target price on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Moderate Buy” and an average price target of $48.31.

Bank of America Price Performance

NYSE:BAC opened at $34.37 on Friday. The company has a market cap of $261.32 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. Bank of America Co. has a one year low of $33.67 and a one year high of $48.08. The firm’s fifty day moving average price is $43.74 and its two-hundred day moving average price is $43.88.

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

Bank of America Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 3.03%. Bank of America’s payout ratio is 32.30%.

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.