Riverbend Wealth Management LLC Acquires Shares of 22,512 Bank of America Co. (NYSE:BAC)

Riverbend Wealth Management LLC acquired a new stake in Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,512 shares of the financial services provider's stock, valued at approximately $991,000.

Other large investors have also modified their holdings of the company. Collier Financial purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $25,000. Life Planning Partners Inc raised its stake in shares of Bank of America by 3,883.2% during the fourth quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider's stock worth $25,000 after purchasing an additional 545,936 shares during the last quarter. Kennebec Savings Bank purchased a new stake in shares of Bank of America during the third quarter worth approximately $29,000. Highline Wealth Partners LLC raised its stake in shares of Bank of America by 152.7% during the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider's stock worth $37,000 after purchasing an additional 510 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Bank of America during the fourth quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wells Fargo & Company upped their price target on Bank of America from $52.00 to $56.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Evercore ISI cut their price objective on Bank of America from $53.00 to $51.00 and set an "outperform" rating for the company in a research report on Friday, January 17th. Hsbc Global Res upgraded Bank of America from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Barclays increased their price objective on Bank of America from $53.00 to $58.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. Finally, Morgan Stanley increased their price objective on Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.64.

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Bank of America Trading Down 0.5 %

NYSE:BAC traded down $0.21 during mid-day trading on Tuesday, reaching $39.62. The company's stock had a trading volume of 50,561,860 shares, compared to its average volume of 36,019,015. The stock has a market cap of $301.29 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.32. Bank of America Co. has a twelve month low of $34.15 and a twelve 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 company's fifty day simple moving average is $45.44 and its two-hundred day simple moving average is $43.76.

Bank of America (NYSE:BAC - Get Free Report) last announced its earnings results 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 business had revenue of $25.30 billion for the quarter, compared to the consensus estimate of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company's revenue was up 15.0% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. On average, equities analysts predict that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 7th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.04 annualized dividend and a dividend yield of 2.63%. Bank of America's payout ratio is currently 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.