4,768 Shares in Bank of America Co. (NYSE:BAC) Acquired by Cairn Investment Group Inc.

Cairn Investment Group Inc. acquired a new position in shares of Bank of America Co. (NYSE:BAC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,768 shares of the financial services provider’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Advisory Alpha LLC lifted its stake in Bank of America by 6.2% in the second quarter. Advisory Alpha LLC now owns 25,974 shares of the financial services provider’s stock valued at $1,033,000 after buying an additional 1,513 shares in the last quarter. New Century Financial Group LLC bought a new position in Bank of America in the second quarter valued at approximately $553,000. Birmingham Capital Management Co. Inc. AL lifted its stake in Bank of America by 0.8% in the second quarter. Birmingham Capital Management Co. Inc. AL now owns 83,700 shares of the financial services provider’s stock valued at $3,329,000 after buying an additional 625 shares in the last quarter. RiverFront Investment Group LLC lifted its stake in Bank of America by 1.8% in the second quarter. RiverFront Investment Group LLC now owns 15,610 shares of the financial services provider’s stock valued at $621,000 after buying an additional 273 shares in the last quarter. Finally, Brown Financial Advisors bought a new position in Bank of America in the second quarter valued at approximately $1,589,000. Institutional investors own 70.71% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on BAC shares. Hsbc Global Res raised shares of Bank of America from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Barclays boosted their price objective on shares of Bank of America from $53.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Bank of America in a research report on Wednesday, October 9th. Finally, Evercore ISI cut their price objective on shares of Bank of America from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $48.58.

Bank of America Price Performance

NYSE:BAC opened at $46.74 on Thursday. Bank of America Co. has a one year low of $32.35 and a one year high of $48.08. The company has a market cap of $358.59 billion, a P/E ratio of 14.51, a P/E/G ratio of 1.24 and a beta of 1.33. The firm’s fifty day moving average price is $45.83 and its two-hundred day moving average price is $42.70. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78.

Bank of America (NYSE:BAC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 earnings per share. Equities analysts expect that Bank of America Co. will post 3.67 earnings per share for the current year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.23%. Bank of America’s payout ratio is presently 32.30%.

Bank of America 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.