MidWestOne Financial Group Inc. Buys 300 Shares of Bank of America Co. (NYSE:BAC)

MidWestOne Financial Group Inc. increased its position in Bank of America Co. (NYSE:BAC) by 1.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 20,014 shares of the financial services provider’s stock after acquiring an additional 300 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Bank of America were worth $880,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BAC. Geode Capital Management LLC raised its holdings in 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 grew its holdings in shares of Bank of America by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after buying an additional 11,691,451 shares during the last quarter. Norges Bank bought a new stake in shares of Bank of America during the fourth quarter valued at approximately $5,226,989,000. Capital World Investors raised its holdings in Bank of America by 23.9% in the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock worth $3,876,853,000 after acquiring an additional 17,031,143 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Bank of America by 17.2% in the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after acquiring an additional 9,980,859 shares in the last quarter. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. TD Cowen started coverage on Bank of America in a report on Thursday, May 15th. They issued a “buy” rating and a $53.00 target price for the company. Baird R W upgraded Bank of America from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. UBS Group boosted their target price on Bank of America from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Robert W. Baird raised shares of Bank of America from a “neutral” rating to an “outperform” rating and raised their price target for the company from $45.00 to $50.00 in a report on Friday, March 7th. Finally, Cfra Research boosted their price objective on shares of Bank of America to $47.00 and gave the company a “buy” rating in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Price Performance

NYSE BAC opened at $43.21 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $33.07 and a 12 month high of $48.08. The stock has a market cap of $325.43 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 1.21 and a beta of 1.27. The company’s 50 day moving average is $40.27 and its two-hundred day moving average is $43.59.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The firm had revenue of $27.37 billion during the quarter, compared to analysts’ expectations of $26.83 billion. As a group, research analysts anticipate that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 2.41%. Bank of America’s dividend payout ratio is presently 30.95%.

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.