Edgestream Partners L.P. Invests $1.46 Million in Bank of America Co. (NYSE:BAC)

Edgestream Partners L.P. bought a new position in Bank of America Co. (NYSE:BAC) in the 2nd quarter, Holdings Channel.com reports. The firm bought 50,886 shares of the financial services provider’s stock, valued at approximately $1,460,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Roundview Capital LLC raised its stake in Bank of America by 1.5% during the first quarter. Roundview Capital LLC now owns 135,764 shares of the financial services provider’s stock valued at $5,596,000 after buying an additional 2,013 shares in the last quarter. Loomis Sayles & Co. L P raised its stake in Bank of America by 150.3% during the first quarter. Loomis Sayles & Co. L P now owns 1,985 shares of the financial services provider’s stock valued at $82,000 after buying an additional 1,192 shares in the last quarter. NewEdge Advisors LLC raised its stake in Bank of America by 4.2% during the first quarter. NewEdge Advisors LLC now owns 405,098 shares of the financial services provider’s stock valued at $16,698,000 after buying an additional 16,319 shares in the last quarter. First Western Trust Bank acquired a new stake in Bank of America during the first quarter valued at approximately $586,000. Finally, Pearl River Capital LLC acquired a new stake in Bank of America during the first quarter valued at approximately $534,000. Hedge funds and other institutional investors own 68.06% of the company’s stock.

Bank of America Stock Performance

Shares of BAC stock opened at $30.01 on Tuesday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $37.87. The firm has a market capitalization of $237.49 billion, a price-to-earnings ratio of 8.41, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The business has a 50 day simple moving average of $27.45 and a 200 day simple moving average of $28.62. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.83 and a quick ratio of 0.82.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. The firm had revenue of $25.20 billion during the quarter, compared to analyst estimates of $25.13 billion. Bank of America had a return on equity of 12.08% and a net margin of 18.69%. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. On average, equities research analysts anticipate that Bank of America Co. will post 3.46 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Thursday, November 30th. Bank of America’s payout ratio is currently 26.89%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. StockNews.com assumed coverage on Bank of America in a research note on Thursday, October 5th. They set a “hold” rating on the stock. BMO Capital Markets upped their target price on Bank of America from $39.00 to $40.00 and gave the company a “market perform” rating in a report on Wednesday, October 18th. Wells Fargo & Company lowered their target price on Bank of America from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, August 23rd. Keefe, Bruyette & Woods raised Bank of America from an “underperform” rating to a “market perform” rating and upped their target price for the company from $29.00 to $30.00 in a report on Monday, November 6th. Finally, Oppenheimer upped their target price on Bank of America from $49.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, November 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $35.54.

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. Its Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, noninterest-and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.