AMI Investment Management Inc. Acquires 3,577 Shares of Bank of America Co. (NYSE:BAC)

AMI Investment Management Inc. lifted its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 99,103 shares of the financial services provider’s stock after purchasing an additional 3,577 shares during the quarter. Bank of America comprises approximately 1.4% of AMI Investment Management Inc.’s holdings, making the stock its 25th biggest position. AMI Investment Management Inc.’s holdings in Bank of America were worth $3,337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fortis Group Advisors LLC acquired a new stake in Bank of America during the 3rd quarter worth approximately $25,000. Glass Jacobson Investment Advisors llc lifted its holdings in Bank of America by 98.1% during the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the last quarter. Castleview Partners LLC acquired a new stake in Bank of America during the 1st quarter worth approximately $28,000. Strategic Investment Solutions Inc. IL acquired a new stake in Bank of America during the 1st quarter worth approximately $34,000. Finally, ZRC Wealth Management LLC lifted its holdings in Bank of America by 192.3% during the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 750 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. The Goldman Sachs Group lifted their price objective on Bank of America from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, December 1st. Odeon Capital Group cut Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective for the company. in a report on Tuesday, January 16th. Oppenheimer lowered their price target on Bank of America from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday, March 19th. 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. Finally, Barclays boosted their price target on Bank of America from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.15.

Bank of America Stock Up 0.3 %

Shares of Bank of America stock opened at $37.92 on Friday. The stock’s 50-day moving average is $34.47 and its 200 day moving average is $31.31. Bank of America Co. has a one year low of $24.96 and a one year high of $38.00. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $299.21 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.74 and a beta of 1.38.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Bank of America had a return on equity of 11.38% and a net margin of 15.42%. The business had revenue of $22 billion for the quarter, compared to the consensus estimate of $23.70 billion. During the same period in the prior year, the business earned $0.85 EPS. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. Equities research analysts anticipate that Bank of America Co. will post 3.11 EPS for the current year.

Bank of America Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Thursday, February 29th. Bank of America’s dividend payout ratio (DPR) is presently 31.27%.

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.