Lecap Asset Management Ltd. Makes New Investment in Bank of America Corporation (NYSE:BAC)

Lecap Asset Management Ltd. bought a new position in shares of Bank of America Corporation (NYSE:BAC) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 41,609 shares of the financial services provider’s stock, valued at approximately $1,736,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Avalon Trust Co grew its stake in shares of Bank of America by 14.6% during the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider’s stock worth $76,000 after buying an additional 219 shares during the last quarter. TAGStone Capital Inc. grew its stake in shares of Bank of America by 1.2% in the fourth quarter. TAGStone Capital Inc. now owns 19,802 shares of the financial services provider’s stock worth $870,000 after purchasing an additional 227 shares during the last quarter. Hayek Kallen Investment Management grew its stake in shares of Bank of America by 2.0% in the fourth quarter. Hayek Kallen Investment Management now owns 12,022 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 233 shares during the last quarter. Continuum Advisory LLC grew its stake in shares of Bank of America by 1.4% in the fourth quarter. Continuum Advisory LLC now owns 16,707 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 237 shares during the last quarter. Finally, Menard Financial Group LLC grew its stake in shares of Bank of America by 1.2% in the fourth quarter. Menard Financial Group LLC now owns 20,620 shares of the financial services provider’s stock worth $906,000 after purchasing an additional 240 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

NYSE BAC opened at $46.85 on Thursday. The company has a fifty day simple moving average of $42.91 and a 200 day simple moving average of $43.33. Bank of America Corporation has a 12-month low of $33.07 and a 12-month high of $48.08. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 1.11. The company has a market cap of $352.87 billion, a P/E ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.10. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. The business had revenue of $27.37 billion during the quarter, compared to the consensus estimate of $26.83 billion. Sell-side analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, June 6th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is currently 30.95%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAC. Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, April 17th. Evercore ISI reduced their price objective on shares of Bank of America from $51.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $49.50 to $43.50 and set an “overweight” rating on the stock in a research note on Thursday, April 3rd. Oppenheimer reissued an “outperform” rating on shares of Bank of America in a research note on Thursday, May 22nd. Finally, Citigroup reduced their price objective on shares of Bank of America from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.40.

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.