Range Financial Group LLC Purchases Shares of 7,632 Bank of America Co. (NYSE:BAC)

Range Financial Group LLC purchased a new stake in Bank of America Co. (NYSE:BAC) during the first quarter, HoldingsChannel.com reports. The fund purchased 7,632 shares of the financial services provider’s stock, valued at approximately $289,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fortis Group Advisors LLC acquired a new stake in Bank of America in the third quarter valued at $25,000. Livelsberger Financial Advisory acquired a new stake in shares of Bank of America during the fourth quarter worth about $28,000. Criterion Capital Advisors LLC acquired a new stake in shares of Bank of America during the fourth quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new stake in shares of Bank of America during the first quarter worth about $33,000. Finally, Mark Sheptoff Financial Planning LLC increased its position in shares of Bank of America by 431.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 862 shares in the last quarter. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BAC has been the topic of a number of research analyst reports. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Friday, April 19th. Oppenheimer lifted their target price on Bank of America from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. StockNews.com cut Bank of America from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Wells Fargo & Company raised their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, HSBC reissued a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Price Performance

Shares of BAC opened at $40.02 on Tuesday. Bank of America Co. has a twelve month low of $24.96 and a twelve month high of $40.34. The stock’s 50 day moving average is $38.61 and its two-hundred day moving average is $35.89. The firm has a market capitalization of $312.97 billion, a PE ratio of 13.85, a P/E/G ratio of 1.76 and a beta of 1.36. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion for the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.94 EPS. Research analysts anticipate that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is 33.22%.

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.