NorthRock Partners LLC Has $4.02 Million Holdings in Bank of America Co. (NYSE:BAC)

NorthRock Partners LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 56.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 91,504 shares of the financial services provider’s stock after acquiring an additional 33,094 shares during the period. NorthRock Partners LLC’s holdings in Bank of America were worth $4,022,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in BAC. Geode Capital Management LLC lifted its stake in shares of Bank of America by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after buying an additional 2,033,229 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Bank of America by 10.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock worth $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of America in the fourth quarter valued at about $5,226,989,000. Capital World Investors increased its stake in shares of Bank of America by 23.9% in the fourth quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after purchasing an additional 17,031,143 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock worth $2,985,785,000 after purchasing an additional 9,980,859 shares during the last quarter. 70.71% of the stock is owned by institutional investors.

Bank of America Trading Up 2.1%

Shares of BAC stock opened at $44.28 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $333.51 billion, a P/E ratio of 13.75, a P/E/G ratio of 1.21 and a beta of 1.27. Bank of America Co. has a 12-month low of $33.07 and a 12-month high of $48.08. The firm has a 50-day moving average price of $39.77 and a 200 day moving average price of $43.51.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Research analysts forecast that Bank of America Co. will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be paid a $0.26 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Bank of America’s dividend payout ratio (DPR) is presently 30.95%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Argus dropped their price objective on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Barclays reduced their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Citigroup cut their price target on Bank of America from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.25.

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.