Beese Fulmer Investment Management Inc. Acquires 1,632 Shares of Bank of America Co. (NYSE:BAC)

Beese Fulmer Investment Management Inc. increased its holdings in shares of Bank of America Co. (NYSE:BAC) by 23.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,633 shares of the financial services provider’s stock after acquiring an additional 1,632 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in Bank of America were worth $360,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of BAC. Collier Financial acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc raised its position in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after buying an additional 545,936 shares in the last quarter. Graney & King LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $29,000. Finally, Vega Investment Solutions acquired a new position in shares of Bank of America in the 4th quarter valued at approximately $30,000. 70.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BAC. Barclays dropped their target price on shares of Bank of America from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Robert W. Baird upgraded shares of Bank of America from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $45.00 to $50.00 in a research report on Friday, March 7th. Wall Street Zen cut shares of Bank of America from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Citigroup decreased their price target on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, Argus decreased their price target on shares of Bank of America from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Bank of America Trading Down 0.2%

BAC opened at $44.14 on Friday. Bank of America Co. has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $332.46 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.21 and a beta of 1.27. The company’s 50 day moving average price is $40.46 and its two-hundred day moving average price is $43.54.

Bank of America (NYSE:BAC) last issued its quarterly earnings results 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. The firm had revenue of $27.37 billion for the quarter, compared to the consensus estimate of $26.83 billion. Bank of America had a net margin of 14.10% and a return on equity of 10.29%. As a group, research analysts predict that Bank of America Co. will post 3.7 earnings per share for the current year.

Bank of America Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.36%. Bank of America’s dividend payout ratio (DPR) is currently 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.