Verdence Capital Advisors LLC Increases Holdings in Bank of America Corporation $BAC

Verdence Capital Advisors LLC grew its position in shares of Bank of America Corporation (NYSE:BAC) by 16.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 103,649 shares of the financial services provider’s stock after acquiring an additional 14,844 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Bank of America were worth $5,495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Tradewinds LLC. purchased a new stake in Bank of America during the third quarter valued at $1,451,000. HHM Wealth Advisors LLC grew its stake in shares of Bank of America by 1.3% during the 3rd quarter. HHM Wealth Advisors LLC now owns 17,136 shares of the financial services provider’s stock valued at $884,000 after purchasing an additional 216 shares during the period. Whelan Financial increased its position in shares of Bank of America by 39.0% during the 3rd quarter. Whelan Financial now owns 21,399 shares of the financial services provider’s stock valued at $1,104,000 after purchasing an additional 6,005 shares during the last quarter. Courier Capital LLC lifted its stake in shares of Bank of America by 10.9% in the 3rd quarter. Courier Capital LLC now owns 186,980 shares of the financial services provider’s stock worth $9,646,000 after purchasing an additional 18,377 shares during the period. Finally, Allstate Corp boosted its holdings in shares of Bank of America by 2,645.8% in the third quarter. Allstate Corp now owns 259,776 shares of the financial services provider’s stock worth $13,402,000 after buying an additional 250,315 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on BAC. Royal Bank Of Canada upped their target price on shares of Bank of America from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Citigroup raised their target price on Bank of America from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Wolfe Research lowered Bank of America from an “outperform” rating to a “peer perform” rating in a report on Wednesday, January 7th. UBS Group upped their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Finally, Wells Fargo & Company boosted their price objective on Bank of America from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.74.

Bank of America Stock Performance

NYSE BAC opened at $53.02 on Tuesday. The business has a 50-day moving average price of $54.16 and a 200-day moving average price of $51.27. The firm has a market cap of $387.18 billion, a price-to-earnings ratio of 13.84 and a beta of 1.29. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $57.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.15.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. The business had revenue of $28.53 billion during the quarter, compared to analyst estimates of $27.73 billion. Bank of America had a net margin of 16.23% and a return on equity of 11.07%. The company’s revenue was up 12.3% on a year-over-year basis. During the same period last year, the firm posted $0.82 EPS. As a group, equities research analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, December 5th were paid a $0.28 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 29.24%.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.