Bank of America Co. (NYSE:BAC) Stock Position Lifted by Wealth Alliance

Wealth Alliance raised its holdings in Bank of America Co. (NYSE:BAC) by 8.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,973 shares of the financial services provider’s stock after acquiring an additional 1,604 shares during the quarter. Wealth Alliance’s holdings in Bank of America were worth $706,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BAC. Fortis Group Advisors LLC acquired a new stake in Bank of America in the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc lifted its stake in shares of Bank of America by 98.1% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares during the period. Castleview Partners LLC bought a new stake in shares of Bank of America in the first quarter valued at about $28,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Bank of America in the first quarter valued at about $34,000. Finally, ZRC Wealth Management LLC lifted its stake in shares of Bank of America by 192.3% in the fourth quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock valued at $38,000 after buying an additional 750 shares during the period. 70.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on BAC. UBS Group restated a “neutral” rating and set a $40.00 price target (up previously from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. HSBC restated a “hold” rating and set a $39.00 price target (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Jefferies Financial Group lifted their target price on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $32.00 to $41.00 in a research note on Tuesday, January 30th. Finally, BMO Capital Markets cut their target price on shares of Bank of America from $37.00 to $36.00 and set a “market perform” rating for the company in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $38.23.

Bank of America Price Performance

Shares of BAC stock opened at $35.22 on Thursday. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.35. The firm has a market capitalization of $277.87 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.58 and a beta of 1.39. The company has a quick ratio of 0.80, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a fifty day moving average of $35.55 and a 200-day moving average of $32.21.

Bank of America (NYSE:BAC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The firm’s revenue was down 1.7% on a year-over-year basis. On average, equities research analysts forecast that Bank of America Co. will post 3.13 earnings per share for the current year.

Bank of America Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.73%. Bank of America’s dividend payout ratio is currently 33.22%.

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.