Petros Family Wealth LLC bought a new position in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 16,749 shares of the financial services provider's stock, valued at approximately $736,000.
Several other institutional investors have also made changes to their positions in the company. Collier Financial acquired a new stake in Bank of America during the 4th quarter valued at $25,000. Life Planning Partners Inc increased its stake in 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 during the period. Graney & King LLC purchased a new stake in shares of Bank of America during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in shares of Bank of America during the 4th quarter valued at about $29,000. Finally, Glass Jacobson Investment Advisors llc grew its position in Bank of America by 53.0% in the fourth quarter. Glass Jacobson Investment Advisors llc now owns 797 shares of the financial services provider's stock worth $35,000 after acquiring an additional 276 shares in the last quarter. 70.71% of the stock is owned by hedge funds and other institutional investors.
Bank of America Stock Performance
Shares of BAC traded up $1.36 during trading hours on Tuesday, hitting $38.03. The stock had a trading volume of 84,385,682 shares, compared to its average volume of 39,411,443. The stock has a fifty day moving average price of $42.04 and a 200 day moving average price of $43.70. Bank of America Co. has a 12 month low of $33.07 and a 12 month 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 $289.16 billion, a PE ratio of 11.81, a PEG ratio of 1.21 and a beta of 1.24.
Bank of America (NYSE:BAC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.10. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. Analysts anticipate that Bank of America Co. will post 3.7 EPS for the current year.
Bank of America Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Friday, March 7th. Bank of America's dividend payout ratio (DPR) is 32.30%.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on BAC shares. Oppenheimer raised their price objective on Bank of America from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. JPMorgan Chase & Co. cut their price target on shares of Bank of America from $49.50 to $43.50 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Barclays lifted their price target on shares of Bank of America from $53.00 to $58.00 and gave the company an "overweight" rating in a report on Monday, January 6th. UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and lifted their price target for the company from $43.00 to $53.00 in a report on Tuesday, January 7th. Finally, Robert W. Baird raised Bank of America from a "neutral" rating to an "outperform" rating and upped their price target for the company from $45.00 to $50.00 in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has an average rating of "Moderate Buy" and an average target price of $48.31.
Read Our Latest Analysis on BAC
About Bank of America
(
Free Report)
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.
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