Bank of America Co. (NYSE:BAC) Shares Purchased by Wedmont Private Capital

Wedmont Private Capital lifted its position in Bank of America Co. (NYSE:BAC) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,092 shares of the financial services provider’s stock after acquiring an additional 3,527 shares during the period. Wedmont Private Capital’s holdings in Bank of America were worth $2,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in BAC. Ethos Financial Group LLC increased its stake in shares of Bank of America by 6.2% in the 4th quarter. Ethos Financial Group LLC now owns 8,452 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 492 shares during the last quarter. Auxano Advisors LLC increased its stake in shares of Bank of America by 234.5% in the 4th quarter. Auxano Advisors LLC now owns 27,356 shares of the financial services provider’s stock worth $921,000 after acquiring an additional 19,179 shares during the last quarter. Stonebridge Capital Advisors LLC increased its stake in shares of Bank of America by 3.7% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 65,495 shares of the financial services provider’s stock worth $1,793,000 after acquiring an additional 2,332 shares during the last quarter. Kingswood Wealth Advisors LLC increased its stake in shares of Bank of America by 228.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 67,511 shares of the financial services provider’s stock worth $2,273,000 after acquiring an additional 46,950 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new position in shares of Bank of America during the 4th quarter worth $105,000. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on BAC shares. Wolfe Research upgraded Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Friday, April 19th. JPMorgan Chase & Co. increased their price target on Bank of America from $39.50 to $40.50 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. HSBC reiterated a “hold” rating and set a $39.00 price target (up from $38.00) on shares of Bank of America in a report on Thursday, March 28th. Wells Fargo & Company increased their price target on Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, BMO Capital Markets increased their price target on Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average target price of $39.79.

Get Our Latest Stock Report on Bank of America

Bank of America Stock Performance

BAC traded down $0.42 during trading on Friday, hitting $39.57. 13,944,619 shares of the stock were exchanged, compared to its average volume of 38,536,223. The firm has a market capitalization of $309.45 billion, a P/E ratio of 13.78, a PEG ratio of 1.78 and a beta of 1.36. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.31. The stock has a fifty day moving average price of $38.46 and a two-hundred day moving average price of $35.69. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BACGet Free Report) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion for the quarter, compared to the consensus estimate of $25.49 billion. During the same period last year, the business posted $0.94 EPS. The company’s revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 annualized dividend and a dividend yield of 2.43%. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Bank of America Company Profile

(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.

Further Reading

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Institutional Ownership by Quarter for Bank of America (NYSE:BAC)

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