Pittenger & Anderson Inc. Acquires 3,251 Shares of Bank of America Co. (NYSE:BAC)

Pittenger & Anderson Inc. raised its position in shares of Bank of America Co. (NYSE:BAC) by 208.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,811 shares of the financial services provider’s stock after acquiring an additional 3,251 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Bank of America were worth $162,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Fortis Group Advisors LLC bought a new position in shares of Bank of America during the 3rd quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc raised its position in Bank of America by 98.1% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 504 shares during the period. Criterion Capital Advisors LLC purchased a new position in Bank of America in the 4th quarter worth $32,000. ZRC Wealth Management LLC grew its holdings in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares during the last quarter. Finally, Private Ocean LLC grew its holdings in Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 325 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Price Performance

Shares of NYSE BAC traded down $0.41 during midday trading on Thursday, reaching $37.91. The stock had a trading volume of 40,961,281 shares, compared to its average volume of 41,602,520. The stock has a 50-day moving average of $35.98 and a 200-day moving average of $32.61. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market capitalization of $299.13 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 1.73 and a beta of 1.39. Bank of America Co. has a 12-month low of $24.96 and a 12-month high of $38.49.

Bank of America (NYSE:BAC) last posted 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. The company had revenue of $25.82 billion during the quarter, compared to analysts’ expectations of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the company posted $0.94 earnings per share. As a group, research analysts anticipate that Bank of America Co. will post 3.18 EPS for the current fiscal year.

Bank of America Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 1st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.96 annualized dividend and a yield of 2.53%. Bank of America’s payout ratio is 33.22%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Citigroup lifted their target price on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. HSBC reaffirmed a “hold” rating and set a $39.00 target price (up previously from $38.00) on shares of Bank of America in a research note on Thursday, March 28th. Barclays lifted their target price on shares of Bank of America from $39.00 to $43.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price objective on the stock. in a research note on Tuesday, January 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $38.53.

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.