WealthTrak Capital Management LLC Takes Position in Bank of America Co. (NYSE:BAC)

WealthTrak Capital Management LLC purchased a new stake in shares of Bank of America Co. (NYSE:BAC - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 7,875 shares of the financial services provider's stock, valued at approximately $346,000.

Several other large investors have also made changes to their positions in the company. Lederer & Associates Investment Counsel CA lifted its holdings in Bank of America by 1.1% during the 4th quarter. Lederer & Associates Investment Counsel CA now owns 20,000 shares of the financial services provider's stock worth $879,000 after buying an additional 217 shares during the period. Avalon Trust Co lifted its stake in shares of Bank of America by 14.6% in the fourth quarter. Avalon Trust Co now owns 1,719 shares of the financial services provider's stock worth $76,000 after acquiring an additional 219 shares during the period. Prossimo Advisors LLC boosted its holdings in Bank of America by 2.5% in the fourth quarter. Prossimo Advisors LLC now owns 8,880 shares of the financial services provider's stock valued at $390,000 after acquiring an additional 220 shares during the last quarter. Marino Stram & Associates LLC increased its position in Bank of America by 1.7% during the 4th quarter. Marino Stram & Associates LLC now owns 13,204 shares of the financial services provider's stock valued at $580,000 after purchasing an additional 222 shares during the period. Finally, Keudell Morrison Wealth Management raised its holdings in Bank of America by 2.8% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,291 shares of the financial services provider's stock worth $364,000 after purchasing an additional 223 shares during the last quarter. Institutional investors own 70.71% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BAC. Oppenheimer increased their price objective on shares of Bank of America from $54.00 to $55.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. Baird R W upgraded shares of Bank of America from a "hold" rating to a "strong-buy" rating in a report on Friday, March 7th. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Friday, January 17th. Keefe, Bruyette & Woods lifted their price target on Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a research note on Tuesday, December 3rd. Finally, UBS Group raised Bank of America from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $43.00 to $53.00 in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.31.

Bank of America Price Performance

Shares of BAC traded down $0.21 during trading hours on Tuesday, reaching $41.53. 11,113,232 shares of the company's stock traded hands, compared to its average volume of 38,306,586. The firm's 50 day simple moving average is $44.35 and its 200-day simple moving average is $43.95. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04. Bank of America Co. has a 12 month low of $34.15 and a 12 month high of $48.08. The stock has a market cap of $315.71 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 1.21 and a beta of 1.32.

Bank of America (NYSE:BAC - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period last year, the company earned $0.70 EPS. Bank of America's revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts expect that Bank of America Co. will post 3.7 EPS for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 7th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.04 dividend on an annualized basis and a yield of 2.50%. Bank of America's dividend payout ratio is currently 32.30%.

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.