Corundum Group Inc. Raises Position in Bank of America Co. (NYSE:BAC)

Corundum Group Inc. increased its stake in shares of Bank of America Co. (NYSE:BAC) by 83.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 25,016 shares of the financial services provider’s stock after purchasing an additional 11,349 shares during the quarter. Corundum Group Inc.’s holdings in Bank of America were worth $949,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Livelsberger Financial Advisory purchased a new position in shares of Bank of America during the 4th quarter worth about $28,000. Northwest Investment Counselors LLC purchased a new position in shares of Bank of America during the first quarter valued at approximately $33,000. Fortis Group Advisors LLC purchased a new position in shares of Bank of America during the third quarter valued at approximately $25,000. Criterion Capital Advisors LLC bought a new position in shares of Bank of America during the fourth quarter valued at approximately $32,000. Finally, Mark Sheptoff Financial Planning LLC lifted its stake in shares of Bank of America by 431.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 862 shares during the last quarter. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE BAC traded down $0.34 during trading hours on Thursday, reaching $38.66. The stock had a trading volume of 6,826,781 shares, compared to its average volume of 38,653,152. Bank of America Co. has a 52-week low of $24.96 and a 52-week high of $40.34. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $302.34 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.50 and a beta of 1.36. The stock has a fifty day moving average of $38.71 and a 200 day moving average of $35.95.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. Sell-side analysts predict that Bank of America Co. will post 3.22 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, June 7th. Bank of America’s payout ratio is 33.22%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Oppenheimer upped their price objective on Bank of America from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Tuesday, April 30th. BMO Capital Markets boosted their price objective on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. Evercore ISI lifted their target price on Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a report on Wednesday, April 3rd. Finally, StockNews.com cut shares of Bank of America from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Two investment 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 stock has an average rating of “Hold” and a consensus target price of $39.79.

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.